Shakedry was awesome. Sadly I lost mine when I left a backpack on a bus. Between decent breathability and the ability to zip up from the bottom, it was pretty darned good for all day riding in the rain. Fragile though. I'm looking at the Pearl Izumi NeoShell WxB as a replacement.

For commuting, a rain cape plus fenders will keep you dry from the knees up, unless it's windy when it's more like waist up. They are a bit of a parachute, if speed is a concern. Sweat isn't a problem though.

I knew a randonneuring tandem couple who had a custom tandem rain cape they wore for rainy PNW rides.