I rode in driving torrential rain for about 4 1/2 hours in total on Saturday and stayed completely dry.
Motodry Street pants; the warmest and driest bike pants I've ever owned. Cost $160. These are really good.
Five WFX Tech gloves. Warmest and only 100% waterproof gloves I've ever owned. $150 but worth every cent.
R Jays boots. Warm and waterproof. Cost about $160.
I did wear my leather jacket but with a rain jacket over the top.
Only place water got in was through my helmet - trickled down the inside of the visor and through the (closed) vents.
Dri Rider makes some excellent gear - we carry a fair bit of it at Joes - but I'd also give a good look at some of the new RST and Motodry jackets and pants. They seem to offer more for your money and I'm very impressed with the stuff I've tried.