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Rain protection for your legs

I have some simple athletic pants that I bought for about US$10 at a local discount retailer (Target). They have no ventilation, but that's OK for short trips or very cold weather.

I've found waterproof pants with ventilation, in the form of tear-away nylon athletic pants.

Rain-proof ventilated pants, shown seated on a bike

I'm guessing that the buttons are intended to allow the pants to be removed while standing. But the design also provides nice ventilation, created by the gaps between the buttons running down the sides. The ventilation is OK for cool weather but, if it's warm and rainy, you might find your legs feeling moist and sticky.