I own a pair of REI Elements rain pants. I hate them because of the noise they make. I would almost rather freeze to death than hear swish-swish-swish when I pedal. In any case, I wear them if it's cold/rainy when I leave the house. They do fine job keeping me dry on a one-hour commute in fairly heavy rain and wind.

Other days I just get wet -- though I think the Rainlegs mentioned above are interesting. I couldn't imagine wearing the Elements rain pants in the heat...yuck.