Last week I spent £20 on a pair of Sealskinz waterproof socks for a weekend biking expedition in the Peak District, together with a pair of Specialized Submerge waterproof gloves.
My initial smugness evaporated when said gloves were about as water resistant as damp poppadums, but stubbornly refused to dry out, leaving me with fingers chilled to the bone. The Sealskinz performed admirably until I ended up biking through deep water which came up to my knees, soaking the cotton socks I was wearing underneath, which in turn wicked the moisture to my toes.
Pleasure for me was seeing the sun come out (eventually), having a hot shower afterward and a warm meal. Bliss!