Another Seattle-ite chiming in: I generally just wear wool (pants, socks, shirt, jacket) for speedy rides as I sweat too much in rain gear.

For my 4 mile commute I wear a light rainjacket and when it's really raining I wear a cheap pair of nylon rainpants over my work pants.

I have a pretty decent water-resistant pannier on my commuter bike that keeps my stuff dry. i have taken dry socks and such to work with me on wet days.