I tend to forget about water repellent and go for layers.
I usually have a wool undershirt and a long sleeved jacket with wind blocking. Yes both get soaked but they stay warm. The main part I find really annoying is water in my shoes sloshing around. So I wear Seal Skin waterproof socks and overshoes with long tights. That normally keeps most of the water out of my shoes. I also clip on the visor to my helmet and have a polar fleece buff (it repels water) around my neck which I can pull up if my cheeks get too cold.

However if you really want a good rain jacket look at the She Shell from Ground Effect (www.groundeffect.co.nz). This jacket has pit zips, a roll away hood and packs into it's pocket and has a wait band to attach it. Comes in hi viz colours and members of my cycle club swear by them. If fact a whole group have orange ones.