I use J&G stuff from www.bicycleclothing.com. The jacket was $100 and has been well worth it. I've ridden it every rainy or cold day for 2+ years and it still looks like new. I'd buy one again without question. My window for rain pants is pretty narrow; when it's > 50 I just wear shorts and let my legs get wet, when it's below freezing I wear jogging pants and don't get wet, when it's cold but not freezing, I still wear the jogging pants, I get a little wet and cold, but so far it doesn't happen to me enough to be worth spending $100 on pants. If it really bothered me for the 4 or 5 days a year it happened, I'd probably just wear some cheap non-breathing rain pants.

Capes work well for some people. Be careful though. I bought one and used it until the first windy day. It came very close to killing me when it caught the wind and almost threw me in front of a large truck. I threw it away that evening. I'd rather be wet or a little sweaty than flattened under a truck. It was unbelievable in a headwind; I might as well have walked.