I built up a Salsa Vaya touring/commuter bike complete with "fredly" fenders, racks, etc. I usually only ride it when I do weekend touring or when it is raining. It has its purpose and it isn't meant to be my everyday bike.
I am also in the process of building up a matte black aluminum frame with a full Ultegra group to use as a bad weather bike for my groups rides and also for my 17yo son to ride. He has started to show an interest in cycling to keep in shape in the off season.