This is a very interesting question and could honesty generate a tremendous amount of discussion. I'll tell you what I use and why, but i'm sure you will get a ton of different opinions on this.

I wear an Eddie Bauer Weatheredge rain jacket. I find it breaths well for a "waterproof" jacket, keeps me dry from rain, and serves as a nice wind jacket for an extra layer when needed. The real problem with rain jackets is that you will eventually have moisture buildup on the interior. The same technology that keeps rain out will keep body perspiration in. There isn't much you can do about that other than try to limit your exertions and stay cool and dry.

I wore this jacket last weekend during an extended 5 hour steady rain and it kept me dry. For pants I just wear nylon hiking pants, which are water resistant. They dry quick, which is all I really care about. I generally sleep in different pants than I hike in, so even if they remain wet at the end of the day it is not an issue. I hang them to dry overnight with my socks.

You mention you are a newbie. I think after you get a full season under your belt and experience several different rain conditions, you won't be as concerned with staying dry. Rain jackets are a lot more complicated that you'd expect. For example, layering under a rain jacket is an entire topic of its own. Its very easy to have perspiration trapped under the rain jacket cause a down jacket to become very wet. I like fleece for a midlayer for this reason, especially in warmer weather rain.

Long post, but nobody else had responded, so hopefully this helps some.