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Lots(and I mean lots) of posts on this. But.......I wear the HD Gore-Tex two piece rain suit and don't get a drop on me. Plus I wear waterproof boots and gloves and a full face helmet. You can ride all day in the rain and not a drop of water on ya.
tourmaster suits rule the wet highways! 3/4 length jacket sealed seams and 100$ for the set! add a pair of tractor supply overboots for 20$ and you will be dry all day
I wear a Mountain Hardware Shell (breathes great and is pretty much waterproof) and Guide Series Pull on Pants from Grander Mountain. These kept me dry in 4 hours of tornado winds and heavy rains last week. It doesn't match, but packs very small.
I 2nd the use of FroggToggs! Very lightweight, inexpensive (picked mine up @ Sportmans Warehouse for $45, with a stuff-sack for storage) and breathable.