If its cold and raining too hard, Im not going fishing. Too many other days when the weather doesnt suck to go fishing. Ill use those really crappy days to hang around the campsite. Besides, if its truely a crappy day, the waves will be too big, plus tin boats and lightening dont mix. :mrgreen:
If its warm, poncho, shorts, water shoes (glorified flip flops), and a wide brimmed hat. I dont really care if I get wet, ill dry and I dont melt. The only thing I want to keep dry is my glasses, and I hate water running off the back of my hat down the back of my neck. Spent way too much time soaked to the bone to worry about a little water.
As for materials, synthetic materials dry realtiviely quick, fleece stays warm even when wet, (not wind proof though), wool on the other hand does keep you warm, even when saturated, cotton is great on really hot days, however in average to cool days it will suck too much body heat and subject you to hyperthemia. I have found the key to staying comfortable when soaking wet is to stay warm. Once you get cold and wet, hypothermia is a major concern, and the pleasure factor drops exponentially with your discomfort level.
One thing I have learned, everyone has a different level of tolerance to being wet. The lower your tolerance the more money your willing to spend on gear that wont work in a real rain storm no matter how much you pay for it. Short of a divers suit that is. You'll never keep water out of the sleeve when your constantly raising your arm up to cast or set the hook, water runs down hill, and as soon as you lift your arm, downhill is into the sleeve. Hold it up long enough and the water will reach your arm pit. Beleive it or not, water is the most corrosive substance on earth, you only need to look at the Gand Canyon for proof. There isnt a manmade sustance available that will stop water from penetrating eventually. So why fight it. Learn to live with it.