Yeah Doug, If I was in area that had that much rain, I would invest in a showers pass rain suit as well.
The other thing to keep in-mind is that even the most high-tech fabric is only marginally breathable. The key is moderating your pace to match the "breathing" and heat escape. Work too hard and you'll sweat through any jacket. The O2 wear jacket I linked to is about as breathable as any I've tried, they are just not as durable.