Well Martin, waterproofs come in two types, those that are waterproof and those that aren't!
I don't do wet, so I would rather get off and shiver under a bridge than ride and get me or my clothes wet. I guess I have been lucky, every waterproof suit I have ever had has kept the water out for as long as I needed it to; but then, the most I have ever done on a regular basis is about 20 mile daily commutes.
They also come in two styles, one-piece and two-piece. I can't stand one piece as by the time I have ever managed to shimmy into them, I am wet through and the rain has normally stopped. Then I have to find a passing knight in shining armour to get me out the bloody thing. A two piece allows me to sling the jacket round my shoulders to keep me dry while I get into the trousers.
In the winter, I use a Halvarssons flouro waterproof outer over my safety jacket as you saw the other evening. I use a set of BMW Gore-tex liners in my Savanna pants. None of this has ever let water in although I have some criicisms not based on their waterproofness.
My summer suit is a BMW Climat Comfort suit, two-piece with a long jacket with double cuffs and a high storm collar with a balaclava style hood built in so nothing gets down your neck. The pants are split to the hip down the outside leg so getting into them is a doddle even in clumpy boots. The long diver's zips are waterproof and really work well.
The big downside with this otherwise excellent suit is that it is black; as black as a black thing on black night!
For gloves, I have a pair of Knox winter gloves but the big downside with them is that the 'innovative' ratchet mechanism for fastening and releasing them is very difficult to get under the cuffs of any of my jackets. I have recently gone over to a pair of Alpinestars 365 bought at a bargain price at the NEC last year. These are good 3 season gloves and with heated grips might be 4 season too for long rides.
In summer, I always ride with 'racing' style gloves which by definition are never waterproof. I found the excellent solution was to carry a pair of neoprene lobster claw overgloves from Hein Gericke, unfortunately!
In really freezing conditions I resort to my BMW Winter Gloves which would withstand a trek to the south pole they are so toasty and totally waterproof but with no armour or protection.
Brian (who usually believes he gets what he pays for but has found that waterproofs are the exception that proves the rule)