if i ride hard enough i will sweat enough in my rain gear to feel just as wet. if it's cold enough not to sweat, it's usually snowing....
thin nylon pants shell with vents and matching jacket with lots of vents is the best i have found. i have a waterproof poncho, but i have to belt it not to get it caught in the wheels. wearing wool base layer will help to dry you out faster, but it will also make you hotter and sweat more.
since i run really hot, in the past i have just used goretex arm/leg warmers, neoprene water proof sox and a thin wool cap under the helmet. yes i got wet, but was comfy enough. commuting to work i have gotten either wet or sweaty, so i just change into different clothes when i get there.