I am planning on getting this jacket:
http://www.bicycleclothing.com/Water...n-Jackets.html

I am planning to get these for my legs:
http://www.rainmates.us/home.jsp

I also have nylon pants from X mart, I am planning to use the rainmates with the nylon pants in downpour conditions. Anything less, one or the other should be fine.
I am currently using the cheap O2 jacket, Don't like, which is why I am drooling over the G&J jacket.