I've tried the Gore-Tex thing, and honestly prefer to just layer up and stash dry stuff at home and office. I do tend to ride pretty hard (even when commuting), so the problem I have with a really "waterproof" outer shell is that I end up sweating as much moisture out from the inside as is trying to reach me from the outside.

I have a lightweight rain jacket and a pair of "Rain Leg" waterproof chaps which gets me through my 15-minute ride without getting too soaked.

I do agree about the mass transit in Portland in general -- TriMet is fast, cheap, and reliable, in my experience -- but I have to transfer twice in the 4 miles between home and work, so it's not really time-effective.