I have used a 3/4 length drizabone style (Burke & Wills brand) for "trad" walking. It's heavy, you become wet from condensation and if the cotton liner becomes wet it takes an eternity to dry, plus you know... wet cotton... The only plus I have found with one of these is it's windproof and can add a bit more bulk to a wool blanket swag at night during the cooler months.
I have moved forward with the times to the 1910s and now use a mackintosh raincape/groundsheet
Doubles as a groundsheet, covers the swag too, and is a lot lighter than the oilskin gear. While the ventilation is better than oilskin, this is only because the coverage isn't as good.
For modern adventuring I use an old Crossfire AWACS goretex set I picked up off ebay a couple of years back.
As for waxed cotton, I am experimenting with an oilskin pattern out of one of Ron Edwards' books which I intend to dye traditional "bushwalker's japara" black and then dry wax treat it.