In reply to BusyLizzie:
I have an (now old and not-on-sale-anymore) Salomon running vest. My waterproof always goes over and I think it's totally(*) the way to go:
- keeps the vest drier,
- it's a bit more waterproof because no straps / backpack are squashing water through the fabric,
- if it's just drizzly and you open the front it feels better ventilated (less muggy),
- if it's windy and freezing it keeps the drink pouches warmer and the nozzles don't freeze up on longer winter days.
Of course the waterproof has to be big enough (possibly slightly bigger than otherwise) to accommodate this. For me it worked with Ronhill waterproofs, OMM Kamleika and now a Salomon one(**).
The only downside is that to get at anything in the vest one has to either roll up the waterproof from the bottom or open the front ... but let's be honest - if it's bucketing it down you're probably not that dry anyway and if the rain is not so heavy / intermittent than it's ok.
(*) at least for my Scottish hills running. Also on my vest I can take the waterproof out without taking the vest off, so then it's very natural to just put it over the vest.
(**) I have a Salomon waterproof that in fact has seemingly spare fabric on the back for the vest to fit in. But otherwise I wouldn't recommend the waterproof because it doesn't have any means for adjusting the hood and hence the hood flies off in Scottish winds wind annoying regularity.