MK2's worked great on my bike, and IMO look much better than the new MK3's. Functionally they work fabulously in lighter rain, but you're still going to get wet feet if the rain is heavy, or if you're riding through standing water.

A while back there was a thread on rain capes and ponchos, like this one from Ikea:

KNALLA Rain poncho - black, - IKEA

Them, and a pair of rain pants with boots/shoe covers might be enough to keep you dry, but man, I'd hate to be riding in all that gear. I'd rather get wet.