aussie bob - a "rain cape"? is that what we call a poncho? if so, you're lucky to still be alive. a billowing sail 3 sheets to the wind is a cycling hazard.
soft shells will be ok for shorter rides in light rain.
if you want serious protection, go for gore-tex. for the jacket: extra coverage in the rear, pit zips(long), extra long sleeves(maybe with elastic thumb loop).
for the pants: close fitting below the knees, full-length zips are wonderful, maybe a double layer around the part that contacts the saddle for extra life.
reflective taping: the more the merrier.
water proof shell for your helmet, and booties will just about complete the package. most times, i use regular cycling gloves, but when i tour in the winter, i bring along alpine shells with gore inserts.