I've been using a Frogg Togg Road Toad 2 piece, it's got velcro at the wrists and a flap over the jacket zipper, but that's about it. I got mine way extra large and can fit any gear I own under it. It doesn't flap around too badly on the highway too badly, but I'm not that much of a die hard rider. It'll keep me dry enough and comfortable enough for anything I'll ever ride in or find myself in, has reflective trim, and it's about $47 shipped.
In the heaviest rain I've ever ridden in, after fifty miles or so enough water had blown up the outside of my boots that I was just a little damp up to my knees... maybe some sort of additional velcro strap around the ankle, or a strap under the heel of my boot would have prevented that...
Alan