I bought these as I was looking for 'waterproof' trousers to run in last year. I've had them a good period of time and used them quite a few times in various weather conditions.
The water resistance is very good, if you wear a longer jacket where it rubs on the material they will eventually leak, but bar that they hold back a very good amount of water.
Great for winter time as well, they keep you extremely warm...probably too warm in all honesty hence the four stars rather than five. I don't like being too warm, so more breathable material would be preferable but hey, thats the price you pay for water proofing.
I would still recommend them, well worth the money...and they do look smart.