This time of year, I just get wet... it's warm/hot enough that anything waterproof/repellant doesn't breathe and I get more wet from sweat getting stuck inside the layer (ick!). Stuff dries fast and I don't have any long downhills, etc to get chilly on. If it's cool/windy but still summer, I have a super lightweight REI/novara jacket that's not really waterproof, but blocks the wind and dries fast enough that my arms don't get chilly (several years old, but I think it's this).

Winter/cold weather, I have a truly waterproof, non-breathable jacket (also old, but this) to stay dry up top, usually layered with a smartwool mid-weight longsleeve. Legs usually just get wet (my thighs are covered by the jacket/my body so they stay fairly dry, everything else will just get wet) but I wear PI Amphib tights (pricey, but mine have 3 years of more or less daily winter commuting on them and are just starting to wear) with shorts under and wool Swobo kneewarmers and some variety of wool socks. If it's really crappy I have thick neoprene shoe covers as well and those plus the wool socks keep my feet fairly warm down below freezing (at which point I'm not worried about rain anymore :)

And an Ortleib to keep my work clothes/stuff dry.