I have a similar REI jacket that I've used while canoeing in storms. The sleeve tabs are important for tightening the jacket around your wrists when it's raining. I can't tell if yours has it but the unzippable underarm vents are really nice if it's hot and raining intermittently (or if you're using the jacket for sun protection). I also have some Marmot waterproof pants, but you probably don't want to walk around town in those. So just wear synthetic fabrics since cotton is so uncomfortable when it's wet and takes so long to dry. I recently ordered these pants but haven't gotten them yet.

I actually bought a waterproof hat too after the first time I got caught in a storm with a canvas hat. Even with the hood up, the hat sucked water back into the jacket then stayed wet the rest of the day. If you really intend to be out in hard rain in that jacket, the hood brim won't keep the rain out and let you keep your head up at the same time.