My waterproof ensemble:
Torso: Gill Adrenaline jacket. This is a pretty good jacket, and was only about $120 at Performance. It's made of eVent, a fabric that is supposed to be the most breatheable waterproof. Pit vents, cycling cut.
Alternate: I have a Columbia Solstice "soft-shell" that I received for Christmas. It's got a DWR coating, and I think it would keep me pretty dry in light rain, but I haven't tried it yet. Does not block all wind, but is lined, so fairly warm. Jury's still out on it, but I think that a water-repellent non-membrane soft shell could be better than a true waterproof for the typical cyclist.
Legs: I have a set of Performane Naniamo rain pants for the commute. Coated nylon, supposedly breatheable, but not really. Cheap and beats getting wet.
Recreational rides: If I'm not commuting, I wear some Adidas windfront tights ($35, Price Point). But I've not ridden them in serious rain yet.
Feet: I heard that booties leak, so I bought some Sidi Winter Storm shoes instead. These have kept my feet reasonably dry. Sometimes my socks are a little damp after a ride, but I don't know if that's sweat or leaking. Not very warm shoes, but I am satisfied with their dryness - and I don't have to mess with booties!