In reply to MJH: I've used the VR Climb jacket as my outer layer for about 2 years now, the waterproof only comes out if it's actually pissing down.
The only time recently that I've used my waterproof (montane superfly event) was when the freezing level was 900m and it was raining reasonably heavily for the first hour of the walk in. I have not tried paramo stuff, but I don't think there is a system that will keep you dry in those conditions. (as it's the sweat that soaks you, not the rain!)
The only way to be comfortable all day is to change your base layer and fleece for nice dry ones when you get to the snowline/freezing level. (which I didn't do as I didn't have a spare)
By the end of the day my baselayer was dryish, microfleece was dryish, rab VR climb jacket was dry on the inside, soaking on the outside and my montane was soaking inside and out!
Does paramo keep you dryish and warm in rainy 0 to +2 degrees walk-ins?
I don't think there is a waterproof out there that is breathable enough to cope with the amount you sweat when walking fast in those kind of conditions.