I've had a pair of Marmot Zip Rain pants for over four years now and I love them. I bought them for riding ($99) but I use them all the time - riding, skiing, golfing, shoveling snow, standing in the rain at my daughters soccer game last weekend. They're light and easy to pack and with the zip side they're easy to put on over my leathers and boots. I also wear them under my leathers when its cold. I thought water would get in the zipped sides, but I've done about a thousand miles of riding in the rain with them and I always stay dry.
A little less pricy than the Marmots, are these Sierra Designs - http://www.sierradesigns.com/mens.display.php?id=229 - Nylon based with integrated pack. Very small pack size. Only problem with non-mc style raingear, you will have to order larger sizes to make them overpants.
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