Are expensive waterproof overpants really worth it compared to budget options?

For occasional emergency use, budget overpants ($40-70) are adequate. For regular commuting or touring in rain, the investment in premium overpants ($150-300) pays off in three ways: significantly better breathability (the biggest difference), more durable waterproofing that lasts years rather than months, and better features like full-length zips, articulated knees, and proper seam sealing. The breathability gap between a budget PVC-coated pant and a Gore-Tex overpant is enormous—you'll be damp from sweat in the cheap option and merely warm in the premium one.