First of all, a baseball hat under the helmet is a must, especially if you wear glasses.
And yes, fenders. (I like the SKS, which are $40, but a lot less of a problem than my Freddy Fenders are, and which are a bit cheaper.) Fenders for me means the difference between just getting wet and having absolutely sopping-wet shoes.
But I really do need a waterproof jacket for spring and summer. I have a great waterproof jacket for winter (Mountain Hardwear, which I believe is on par with the Rainpass jackets). But I'd like something for the warmer months that beathes, something with huge pit zips, I think. The Sugoi Viper jacket looks great, but it's also $120. If it really works, I'll get it. But does anybody use the Rainshield O2 jacket? (The yellow one pictured, $35 at Nashbar.) Or the house-brand water-resistant cycling jacket from the Canadian retailer MEC? This looks pretty good to me. (It's about $58 US.)
I've given up on rain paints, but there's got to be SOME jacket that works when it's 50 degrees out, right?