I use an Alpine Stars one-piece lightweight oversuit that I keep under the seat in case I get caught in an unexpected shower and so far, it's never leaked. But if I'm going out and I know it's going to be wet, I wear my Teknic textile 2 piece. Had it about 10 years now and is still waterproof (but cost more than £130).
Liz wears an Alpine Stars "Stella" 2 piece textile suit (again way more than £130) which has been totally waterproof, even when she was wearing it all day in bad weather when she was instructing for CBT's.
Youngest son uses a 2 piece Richa textile suit which has so far been waterproof (around £250), but previously wore my old (around 15 years old) Fieldsheer one-piece oversuit which again performed perfectly, even for him after I'd finished with it.
I've never actually tried a "cheap"/"value" lightweight 2 piece, but I always thought they were a waste of time because of the wind (and rain) getting in through the overlap (most of them didn't seem to zip together.).