Here in the UK there's a new product which cyclists say is great - they look pretty functional. I'm certainly going to be buying Rainlegs.

Anything is better than hopping around in a sudden downpour on one leg in the wide-open by the roadside trying to get my shod foot down the other leg of my waterproof trousers.

Here's the URL
http://www.rainlegs.co.uk/index.php