The CliMitts, made by SideTrak, bring the warmth of pogies to the budget-minded cyclist. They offer protection from the cold, wind, and rain for only $36.
Here are some of the features:
Being based in Seattle, I'm betting Sidetrak knows a thing or two about dealing with wet weather!
Sidetrak: Contact info | CliMitts page
2010 Update: The Sidetrak website has been shut down. I am not sure of the company status, but it seems Climitts may no longer be avialable.