I have a Paramo Quito. It works quite well for walking, it's good for short cycle rides in cool to cold weather, but even in winter if cycling all day in heavy rain I end up wet from sweat despite the venting zips. Wife has a heavier Paramo jacket she uses for walking and sometimes cycling, it works well for her but she doesn't sweat much. Paramo stuff doesn't work in the same way as Goretex and needs regular reproofing with a Nikwax product (IIRC TX direct). I also have a Paramo Bora fleece and Bora shell. This combination is supposed to be waterproof when used together, for me it works better than the Quito for cycling, especially in intermittent rain as I can remove the shell completely between showers for maximum ventilation.
The best rainwear I have found so far for long rides in cool to moderate temperatures and continuous heavy rain is a lightweight PU nylon cape I bought about 5 years ago. It's slightly shorter on the sides than my previous capes, so it catches side winds less. It had an integrated hood that I didn't like, so I cut this off and sewed in a hem which I fitted with a drawstring to close the top of the cape around my neck. I combine this with lightweight overtrousers (mine are Kamleika meant for fell-running) instead of the spats I used with my previous, more traditional capes, neoprene shoe covers, and a PU nylon helmet cover. I was wearing this combination on my very windy and rainy 50-odd km night ride last November and was surprised to arrive home reasonably dry.
The front of the cape is anchored with loops to the brake levers. I generally use the cape with drop handlebar bikes, but sometimes on bikes with other handlebars, which I find work less well with capes. The cape has a drawstring that hunches the back around the rear of the saddle, which protects the latter from rain but means care has to be taken when dismounting. This model of cape was only sold for a year or two, so I will probably try and make a copy when the PU coating fails. I used to make my own capes, they are very simple to sew and took me just over an hour to make up, though I'd take longer nowadays as I don't do much sewing.
I still have a Carradice Duxback cape that I bought several years ago, but have hardly ever used, as I found it much more cumbersome than a nylon cape. The Carradice cape also smells (I'd describe the odour as "wet dog", which I suppose makes a change from stinky cyclist) and leaves wax stains on clothing, so not an option for commuting in work attire. This wouldn't be an issue with most of my "proper" cycling gear, which generally picks up oil stains after a while. If anyone wants to try it, I'll hunt it and the associated spats out, and see if they're still usable, if I think they are OK then any taker can have them for the postage from France.
In warm weather rain, after half an hour or so I get wet from sweat whatever I do, so if the rain is heavy I just wear a lightweight Montane showerproof jacket, and, if I can be bothered, "Rain legs" - these are a sort of knee length overtrousers that have no seat and backs, they reduce the amount of rain getting at the crotch area. In warm conditions bare lower legs and Lycra shorts dry very quickly if the rain stops.