I suppose the ideal raingear would be waterproof, highly breathable, tough, durable, and packed in a nalgene bottle - both jacket and pants.  Reality, as usual, involves some compromises.

For tripping, IMO it's cutting serious corners to use raingear that isn't the equivalent of 3-layer Gore-Tex, meaning it needs to be tough.  It won't pack down into a nalgene bottle, but it will fit in your day pack where it belongs.

I have a Taiga jacket (Canadian built) with pit zips four front pocket vents, handwarmer pockets placed a little higher to accommodate a pack belt, and a hood that rolls down into the collar.  I looked a long time for this in a 3-layer material.  The thing is just about indestructible, and it rolls down to about the size of two rolls of TP.

My rain pants are also Gore-Tex, probably 2-layer.  I hardly ever wear them, but when I do I like the durable outer fabric and the elastic cuffs with snap flaps covering the 12" zippers.

Don't skimp in this area unless you want to be wet.