I second AKSAR's practice of wearing shorts when hiking in the rain. Skin dries much faster than any fabric. It is a really good idea to have some dry items reserved for camp. Just let wet gear stay wet for the duration.

This thread has new found relevance for me. I will be spending a week on Santa Rosa Island, and there is significant rain in the forecast. Looks like the "Wet Coast" will include SoCal finally (Thank heaven!)