New Scientist reports that new nano fabrics stay dry even if submerged in water:
Drops of water stay as spherical balls on top of the fabric and a sheet of the material need only be tilted by 2 degrees from horizontal for them to roll off like marbles. A jet of water bounces off the fabric without leaving a trace.
The secret to this incredible water resistance is the layer of silicone nanofilaments, which are highly chemically hydrophobic. The spiky structure of the 40-nanometre-wide filaments strengthens that effect, to create a coating that prevents water droplets from soaking through the coating to the polyester fibres underneath.
“The combination of the hydrophobic surface chemistry and the nanostructure of the coating results in the super-hydrophobic effect,” Seeger (lead researcher at the University of Zurich) explained. “The water comes to rest on the top of the nanofilaments like a fakir sitting on a bed of nails,” he says.
A similar combination of water-repelling substances and tiny nanostructures is responsible for many natural examples of extreme water resistance, such as the surface of Lotus leaves.
Soon, there will be no excuses for fair-weather cyclists.
There is another, possibly bigger, challenge: hot weather. How to cycle to the opera on a hot summer evening and arrive fresh? Do you remember this Japanese air conditioned shirt?

Of course the low-tech solution is not to rush and ride carioca-style:
Top image by University of Zurich; Brazil video via Copenhagenize
Instead of wearing clothes made of nanowhatsits with “super-hydrophobic effect” you can just use an umbrella:
http://hembrow.blogspot.com/2008/11/rain.html