Bikesters and a Buffalo Teclite for me. No boil-in-the-bag effect, and you dry out very quickly. The Buffalo isn't cheap at around £100, but there's no waterproofing to wear out or rub off - just bung it in the wash each weekend.
I don't believe any conventional waterproof is breathable enough to keep you dry when cycling. If it's really waterproof, you'll get sweaty. If it isn't, you'll get wet.
Buffalo (and, I think, Paramo) stuff works differently. The shell gets wet and, in heavy rain, saturated, but a lot of the rain just wicks down to the hems and cuffs and drips off. In heavy rain, some soaks through, but the fleecy layer keeps your skin dry as long as you're working hard enough to be generating a bit of heat - and as long as you're wearing it next to your skin.
Unfortunately, when you stop working for any length of time (like, say, waiting for a ferry), you can get cold because the wet jacket is still drawing your body heat to evapourate the water, like a wick. The solution is to take of the Buffalo and put on something you've kept dry. Unfortunately, that means that when it's time to get back on the bike, you have little choice but to put the damp Buffalo back on. Not fun. (Another solution is to put something on over the top of the wet Buffalo. You stay wet, but at least you don't freeze. And you can resume drying out when you get back on the bike).
But as a practical solution to cycling in wet weather, Buffalo stuff really works. I'd recommend it.
