I have 2 full length coats. One a Drizabone that I got when I was 16 to go to Ag-Quip...It always rains at Ag-Quip. The other is a Mountain Mac by Windsor Riding Apparel that I inherited from my Dad after he sold the farm.
So, one is 30 years old and the other around 20, but they both still work fine when it rains (doesn't rain enough here
), they have been re-coated once in that time. They are an oilskin coat, so are greasy and for that reason I wouldn't get a a jacket or a vest. If I had one of those I'd be tempted to wear it in the vehicle and leave greasy marks on the cloth seats.
Do they smell? Yes, it is a musty sort of smell, I don't find it unpleasant by any stretch. Even when they have been hung up for weeks in a well ventilated space, they still smell a bit musty. Dads was always folded up in a plastic bag in the farm ute, it didn't smell up the cab as the bag seemed to contain it well enough.
Are they warm? Yes, sort of. They are wind proof and some come with a thick liner, some with wool liners. Mine are cotton, so not too bulky.
Get one that is over sized though, this way you can wear something warm under it and rely on the outer shell to keep the wind out, so you need a bit of room for layers and to still be able to move. I prefer to get one that is longer in the arms too, that way if you have a jumper with long sleeves the coat arms are still longer and it stops the cuffs getting wet and it wicking up your arms.
For re-waterproofing your gear, there are tins of stuff you can buy. I used the genuine Drizabone stuff as my coat started leaking like a sieve after wearing it on a hike where it rained for 4 days straight. 1/2 a tin was enough to do a heavy coating to the whole thing. There are other products available now that are basically the same.
For a better price, avoid the camping stores and go to a rural supplies store or a saddlery, but sometimes it isn't worth the running around.