I use a Grundens Brigg rain jacket. I look like a slob in it, it sucks to fish in, and it gets hot when the temp. is above 50, but it keeps me bone dry, no matter how hard it rains. It comes in a forest green color, so at least nobody can call you the "fishing banana," and the fish won't see you coming half a mile away. At $110, it's not a cheap rubber coat by any means, but I got mine at a fundraising banquet for $50, so it was an easy decision.

If you agree with me that being dry is THE most important factor in staying warm and un-miserable, and you don't want to break the bank, rubber is the way to go. The fact rubberized gear is what crab fishermen in Alaska wear tells you all you need to know. If you are more concerned about ease of access and comfort while fishing (I miss those things in my coat), a $300+ wading jacket is what you need. I'd really like to have one of those nice wading jackets, but I can't stomach the cost.