After a 2 week trip from the top of Oregon to San Francisco (my home) last summer, where I was rained on for a few days and found my rain gear lacking, well, rainproofness, I did a lot of research and ended up buying Showers Pass pants and jacket.
They are very well made, with 2 problems in my opinion:
1) The jacket (at least the one I got - the Refuge, which I got because it has front pockets) has mesh linings in the pockets, which means that keeping keys or coins, etc. in them will be problematic, as they'll slip through the mesh or damage it, so you'll have to keep small or pointy items in their own little bag. I think they did this so that you could use the pockets for airflow, but since I don't use them that way, it's annoying. I wish they had an option to get that jacket pockets lined with non-mesh.
2) The pants (also the Refuge) have velcro straps on the cuffs to make the cuffs less likely to interfere with the crank/gears/chain; however, they only pull the cuffs a very small bit around, instead of tight, which is not great if you're riding in the rain and water is bouncing from the pavement or bike back up into the cuffs. I don't know why they didn't put the velcro all 'round so that you could cinch them tight. I might send them up to Rainy Pass (a shop that fixes outdoor gear) to add some more velcro so I can do that.
So the stuff is well-made, with a couple of questionable design decisions. Also, they're no longer made in the US, if you care about that.
Here's the Rainy Pass website in case you want anything modified. Very good folks up there...
http://rainypass.com/- Tim