Depends on what kind of riding I'm doing. If it's just the short commute to work (2 miles from the train station) and it's raining hard, I'll wear rain pants, rain jacket with the hood under the helmet, and neoprene shoe covers. If it's just a little rain and otherwise quite warm out, I'll wear a rain jacket without hood and my rainpants and I'll change to dry socks when I get to work. For longer training rides when I want to be a little less encumbered by bulky clothing, I'll wear my cycling rain jacket (snugger fit) without a hood, a buff to keep dribbles out of my neck, rain pants if it's coming down hard and its cold, and neoprene shoe covers to avoid that squelchy feeling when pedalling. the problem with raingear is it makes you very clammy, even in cold weather, which can make you cold as soon as you stop. I've got under-arm zipps on my rain jacket with I keep open, and I quite often open the zips along the side of my rain pants too and just keep them velcroed at the ancles and waist. That way the sweaty damp air has somewhere to go, but the majority of the wet rain doesn't get in and the the cold wind is kept at bay.