I have an elite 2.0 jacket, and I love it. I've used it in cold pouring rain, and arrived without a drop on my clothes. It's nice and adjustable, too - on warm days, I open the pit zips and loosen the cuffs (they're BIG) for airflow. On cold days, I close the pit zips and cinch down the cuffs, and with a thin baselayer I'll be comfortable in just about any kind of cold weather we get here.

To round out my rain gear, I have a pair of cheap-o rain pants from REI and a pair of MEC waterproof shoe covers. I actually enjoy riding in the rain now