3:35 a.m. on November 8, 2004 (EST)
I think you raise an interesting issue: preparedness. Of course, a lot of preparedness relates to the gear you bring, and I'll offer my comments below. But awareness of the weather (as Bill S. has pointed out) is fundamental. We knew that it was going to be cold and that snow was expected above 7000 feet from the forecast at the Wilderness Center in the valley. What we weren't prepared for (in some ways) was a proper storm. It was sunny and in the 50's when we arrived at Yosemite Valley.
OK, gear. My shoes were below-the-ankle high trail shoes (they are called approach shoes where I live). They were North Face something or others, with Gore-Tex. It may have been a mistake not having full, ankle-high boots, but my thinking (and experience) was that lighter shoes would be less tiring than full boots. This thinking, however, left me unprepared for more than a few inches of snow. My friend wore full length boots, but his feet were soaked eventually as well. In my opinion, if it's raining/snowing all day, and you are walking through wet snow, eventually your feet will get wet no matter what you are wearing. However, putting Zip-loc bags on our feet over our socks worked well when we had to don wet shoes/boots.
I didn't bring gaiters. I find that they usually just make the bottom of my legs sweaty. In hindsight, these would have been very useful in keeping snow out of my shoes.
We had hats and gloves, but lightweight, water-proof gloves would have been a real asset. Basically, once your gloves are wet they are a heat sink.
Shells: I wore a Gore-tex jacket and pants (REI?). These worked initially, but became sodden. Admittedly, they have seen a few seasons of use. However, like the boots, I think that even Gore-tex can be soaked through eventually.
Layers: I brough two long sleeve, breathable synthetic shirts. I wore one while walking (at it got wet), and kept the other in my sleeping bag to stay dry and sleep in. My down bag stayed dry in a trash bag. I also had a fleece jacket which I kept in a trash bag and used as a pillow and as a dry layer in camp.
Pack: Lowe Alpine internal frame something-or-other. This is an interesting one. If I had the trip to do again, I might consider switching back to an external frame. Basically, the bottom of my pack was dripping wet (perhaps from being placed in the snow, although I tried to avoid this). J. strapped his bear barrel to the bottom of his external frame, and plunked his pack into the snow whenever he wished.
I've read Ray Jardine's book... hell, I even brought an umbrella (which was useful)! So, I wished to travel light, but am glad I wasn't too light. On the other hand, I've read about the Donner Party, so I didn't want get stuck in the snow either. Walking out in the storm was a judgement call, and it could be argued that we could have been better prepared. But the amount of rain and snow that we experienced would have presented a challenge to most hikers (in my opinion). What I take away from the experience is the absolute necessity of being able, gear-wise, to get dry (and warm) when a several-day storm arrives.