The 3rd reef WM stuff isn't bad, but it does lose it's DWR finish pretty quick. Not bad for $200 though.
The PVC fishermans stuff works great... for fisherman who are constantly moving. They layer a lot less than sailors do b/c they have their body heat to keep them warm. Sailors will sit for hours not moving, then sprint for 15 minutes and continue sitting. You need to layer for the lulls, or just deal w/ being a little cold. Fisherman also use the PVC stuff b/c it's extremely durable. Hooks, knives, crab pots, would tear up a set of "yachtie" foulies. However, yachtie stuff has a lot of nice features that the PVC stuff doesn't. Wrist and neck seals, high vis hood, reflectors, etc. The PVC stuff most of the time is lined with cotten, which, when wet, freezes you're nuts off and then refuses to dry in 48 hours.
If you're on a boat getting hosed, your system needs to be improved. 2 years ago I also delivered a 40' race boat back to the states after the Newport to BDA race. It rained buckets for 10 hours straight, then lighened up for the next 2 hours. Most rain I've ever seen fall in a 10 hour period. I was completely dry in my HL offshore kit. Since then I've bought some light stuff for the summer time and a spray top for the all important neck seal.
The average sailor (inshore, day sails, occasional overnight) Doesn't need to spend more than $300 on the set. Lots of cheap options out there.
My 'heavy' kit is an older verison of these:
Henri Lloyd Ocean Explorer Jacket (Gore-Tex) - Red at Mauri Pro Sailing
Henri Lloyd Ocean Explorer Hi Fits (Gore-Tex) - Carbon at Mauri Pro Sailing