I, too, have found that even the breathable rain suites like Gortex tends to hold moisture and make the rider wet "from the inside".

Nothing is perfect. Perhaps the best solution is still a good bicycle rain poncho worn with leg gaitors. Campmor offers a bicycle rain poncho with the thumb and feet straps. $29.99. Remember to use gaitors too:

http://www.campmor.com/webapp/wcs/st...Id=40000000226