Similar story here, I had the Master IV and it was superb, warm and dry. It started to reach the end of it's life (I think around 8 years old) and looked a tired, yet still wasn't letting in a drop.
I was on the verge of buying Rukka when I happened to see Halvarssons stuff in the local Honda Deal. I'd say it's not quite as good as Rukka (maybe 90% of the way there), but it is half the price - so I bought the Jacket, Pants and Gloves.
Over the past year the Halvarssons has performed better than I expected (and I expected alot). It does not leak (even at the cuffs or neck), or let in draughts. It has lots of little features like the fastener at the top of your boots to pull the trouser leg tight over the boot, or the easy to open vents (even with gloves on - though closing with gloves on is a bit more tricky).
However, I have a bit of a problem turning up places with soggy pants (soggy on the outside), I don't like leaving pools of water where I've been sitting, so I usually cover my bottom half with cheap waterproofs if I know it's 'wet' rain and I need to go into cafes etc. I have one pair that is held together with gaffa tape, they function mostly but having high quality goretex under them keeps me dry and warm.
On the downside, the Halvarssons is a bit warm on warm days. For these few days a year I use a RST Vented Rally Suit (under £400 for the pants and jacket)
Hope this helps a bit.