After my neoprene gloves started to smell like roses and boots began to soak, I went on a hunt for better gear. Being a cheap asshat, I've decided to go DIY before shedding out a couple of hundred for the real stuff.
Long story short, I've discovered this waterproof silicone spray from crappy tire for $14. Sprayed 3 coats to my alpinestars leather touring boots that had road rash in various spots which just started leaking a week ago. The stuff dries very quickly to an almost invisible finish.
Rode in the rain for 90 minutes and my feet were still dry :P (usually they start to soak after 20 minutes). Spraying a pair of synthetic gloves right now, testing them tomorrow.
"Not recommended for use on wax-treated fabrics or on materials treated with canvas waterproofing. This product provides an odourless (when dry) water-repellent coating which allows the material to breathe."