That's what I use, although mine was one of the last made by BrawnyGear–it's been around for a while! .
The great thing about a suit vs. a VBL bag is that I can wear my insulating clothing over the suit. With a VBL bag, I'd have to drape the insulating clothing over outside of the bag (unless I want it to get damp!), which means it falls off every time I turn over.
I use mine as rainwear, as well. I've found that I get just as sweaty inside "breathable" rainwear as I do with "waterproof." If it's warm, I leave the rain gear off and get wet–the wet polyester knit shirt and nylon pants dry on my body in about 15 minutes. If it's cold and rainy, I don't sweat inside the non-breathable rain gear. It helps if the rain suit is relatively baggy for more ventilation. For VBL use, I tuck the baggy jacket inside the pants.
The wet shirt and pants spend the night in a large plastic ziplock in the bottom of my sleeping bag. No, they don't dry, but at least they are warm when I put them on in the morning! Of course I could leave them outside and put them on cold if I want to wake up in a hurry!
One person's experience here–YMMV, of course.