This is one of my favorite topics. I have taken a number of trips to the california lost coast to fine tune my system and techniques so I could be confident that on longer trips that continuous rain wouldn't be a problem. My experience / conclusions are similar to this article. A few issues I would highlights:
1) Drying clothing. As was mentioned, using clothing that has a low water absorption such as featherweight synthetics base, light supplex, EPIC, etc can make a big difference. I dry my clothing in stages. Once I have shelter (typically a gg spinnshelter shaped tarp) I take my clothing off, squeeze out . shake off any excess water. I put my base layer back on, put on my dry sleeping socks, and then get under my down quilt. If I am really chilled I also put on my synthetic vest. I have yet to have my base layer (or supplex outwear) take more than an hour to dry. Once my base is dry I will pull (one item at a time) the rest of my wet clothing under the quilt to dry. The dry base layer keeps me from chilling too much as damp clothing is added. This sort of experience was described briefly in the spinnshelter review on my website. I would also note that I have sometimes experienced clothing drying under breathable rain clothing when I am engaged in moderate activities. In particular rail rider eco mesh shirt, sekri level 1 powerdry, or featherweight coolmax shirt under a Rainshield O2 jacket.
2) Waterproof socks. I have had reasonable luck with sealskinz socks. They do eventually leak, can get holes, but I have found them to be the most effective protection when I am expecting to be facing continuously wet / cool conditions. A nice side effect is my feet are much cleaner because the Inov-8 Flyrocs mesh doesn't keep dust and dirt out. I have had my feet get wet wearing sealskinz, and would not expect them to keep feet dry for more than a couple of days. A downside is that once the sealskinz get wet on the inside they are very hard to dry out. [Body heat hasn't succeeded, but a hot water bottle did get the job done]. All this said, I have found that with good fitting shoes and socks, my feet can be pretty much soaked during much of the day and be in fine shape at the end of the day. One such experience was detailed in my initial owner review of the Flyroc-310 on my personal website. Just make sure you dry your feet out over night. Otherwise you run the risk of trench foot.
3) Rainwear. As I have written elsewhere, http://www.verber.com/mark/outdoors/gear/clothing.html#rainshell
no rainwear makes me really happy in all conditions. Something I have been experimenting with in colder weather is the a soft shell approach using a highly breathable nylon or polyester shell which blocks wind and keeps the majority of the rain off me with a *light* weight fleece or pile underneath. Examples of this have included a patagonia dragonfly over a patagonia r.5, a patagonia essenshell over a patagonia r1, rab vapour rise jacket, or watching others use marmot driclim, buffalo activity shirt, or the somewhat similar paramo. This sort of system is highly breathable, dry quickly, provide adequate warmth when engaged in aerobic activities down to freezing.
4) Hot water bottles: Not only can you use it to warm yourself up, but it can be an effective drier. Often my wettest clothing are my socks. In cold weather I find that wrapping the wet socks around a water bottle filled with boiling water dries the socks quickly, and keeps the water bottle from being too hot against my skin. BTW: Most cheap water bottles will melt when exposed to boiling water. I have found gatoraid bottles to be the lightest that don't melt.
5) Shelters. So long as there isn't standing water, I found that it is easier for me to manage wet stuff when I have access to ground that will absorb water. My favorite shelter for this sort of thing was a floorless tarptent squall which I used solo. Shelters with larger vestibules such as the Hilleberg Akto would provide the same functionality. It is also useful to have a shelter which minimizes water absorption. One of the nice things about single wall silnylon or spinnaker fabric shelters is they will dry out in minutes if you get a break in the rain and a bit of rain. Many double walled tents use nylon which will absorb a fair bit of water over an extended period of time.