Ditto about staying warm rather than dry. Don't expect breathable fabrics to breathe when they get wet. I no longer spend money for tech fabrics, just a waterproof shell and learn how to ventilate when you can and deal with the sweat when you can't. What you wear beneath is important--tech fabrics there for sure.
A friend made me a nice anorak and pants set from silnylon, seven ounces total weight and both pack the size of two fists, my favorite raingear ever. I don't always bring the pants, only in shoulder seasons and for high altitude passes.