I had the planet bike raceblade ripoffs.. they worked fairly well at keeping my body dry, but as others mentioned, they didn't have quite enough coverage to keep my feet dry. I invested in a set of cheap nylon cycling booties to wear over my shoes on especially rainy days. The main issue with them though is the fact that the little rubber bits used to attach them to your frame get all dry and crispy fairly quickly and then start breaking. You can always use zip-ties, but then they're not easy to take off/on depending on the weather.
I think I'm going to try and convert my old rigid Giant mtb to singlespeed and put full fenders on it for this coming Winter. Then I can use my fixie for ice racing.
