In reply to cfer:
I use Endura Hummvee full length trousers. These have a water repellency on them but are not waterproof. As it doesn't rain most of the time, they are excellent and really look good on and off the bike. They don't come with the inner shorts like the 3/4's do but are cheaper and can click-in the same shorts (no one ever does). It the weather gets really foul, I just throw on the waterproof trousers over the top.
Gore make one for around £100 which I think is waterproof (more softshell like), its probably warmer too but more than twice the price.