Saw some figures under the "Professional Bull Rider" and "Barrel Racing" label at a local farm and home store called Orscheln's. They're gearing up for Christmas and so have some toys in they normally wouldn't have. I snagged one of the PBR figures. He has good articulation, kind of a cross between PTE and the 3.75" wrestling figures.
Points of articulation:
Head - rotates
Shoulders - swivel and rotate
Elbows - pivot (think OG 13 Joes, only the elbow works side to side instead of up and down, to make him hold riding poses)
Wrists - rotate and pivot
Waist - rotates
Hips - swivel, rotate, pivot (PTE style only better executed)
Knees - single joint pivot
Ankles - rotate and pivot
He comes with a soft rubber cowboy hat and a soft rubber vest, as well as a pair of (very thin) vinyl chaps, held on with velcro. Honestly, for skirts, long coats, etc., this is the way Hasbro should go. It looks good but does not hinder articulation in any way.
Some out of package pics (one plain and one geared up):


These are made by Schylling, and if you go to
their website, you can actually order these online for the same price Orscheln's had them. At the top of the page, mouse over catalog, then go to Rodeo Champions or Barrel Racing (if you go to Action/Adventure>>Action Figures, there's a John Wayne, also). There are horses, people (including a rodeo clown), bulls, fence, and a couple of playsets.