I've cycled 3 years with just lined nylon running pants. I should get some actual waterproof ones since my legs get wet and it kind of sucks if it's cold, but I've just been living with it.
I have a J&G jacket that I love; I wear it daily in the winter and when it rains in the summer. www.bicycleclothing.com - I'll probably wind up with one of their pairs of pants.