A late reply from me. My primary wet weather gear is a cape. I use the Carradice bright yellow synthetic one (not the waxed cotton one) but I have a People's Poncho too, which is a little lighter and shorter. I echo most of what tatanab said early on in the thread. They are much easier to get on and off than separate jacket and leggings & they can be unzipped to give plenty of ventilation when the rain isn't particularly persistent or heavy. I wear mine for short rides or all day rides. My legs can get a bit wet from the knee down when there is enough wind to blow the rain across but then again, when the wind does that, it usually dries out the trousers pretty quickly when the rain stops (or I change direction). I have full mudguards and flaps. When it's really wet, I use Eager spats and occasionally (not often) a sou'wester & stay very dry all over. I notice no significant effect due to wind but I'm a slow roller and also notice wind whether wearing the cape or not.