I still have (and use!) my 35 year old (?) "Camp 7" brand 60/40 shell. It is windproof, very soft and comfortable, and highly water resistant (but not totally waterproof - it will soak through eventually). I recently washed it with some Nikwax water repellent that goes in the washing machine with the garment. That did wonders to restore water repellency. Water just beads right up on the thing now.
I have newer "waterproof-breathable" raingear, and I guess that does breath relative to a Hefty trash sack, but nowhere near like 60/40. The new high tech fabrics are nowhere close to 60/40 in comfort either (just try any waterproof-breathable against your skin and compare it to 60/40).
For ultimate waterproofness and small-size packability you have to go with the newer fabrics. But for comfort and general utility 60/40 wins hands down in my book. I will always grab the 60/40 over the high tech stuff for around town wear, where I won't be sitting in a downpour for several hours.
I wish you could still find 60/40 shells, but I haven't seen any recently.