My 25 year old Patagonia SealCoat /non breathable calf-length raincoat with hood has served me well from Alaska to South America on various tours in really serious and continuous rain and along the Divide Ride as well. The two way zipper allows for complete or minimal ventilation. I have rarely needed rain pants since I always use fenders on my bikes.
Merino wool under the raincoat is usually all that I need for comfort even in the coldest rain. Sealskin gloves and socks complete my non-naked rain outfit.
The only modern version of this raincoat that I have seen is offered by L.L.Bean in GTX or some variant of wp/b material. The LL Bean Stowaway Rain Parka is 40.5 inches long while my old one is 44 inches long. It costs $185. They have a cheaper $99 UL raincoat as well. I long ago dispensed with GTX as useless and overpriced. It failed me at too many crucial times.