I get much more snow than rain, but have Planet Bike Hardcore fenders on my Giant, with 2.1 knobbies. They work ok, but the rear rods are only just long enough to let the rear fender clear the tire, and the front splash-guard at the bottom of the fender funnels the spray onto the toes of my shoes. Still much better than riding without, but if it rained more often I'd be looking for something better.
I just wear a cheap Briko rain jacket, and it works fine. You always have to balance how much weather you want to keep out with how much "weather" you want to keep in - I almost never zip the coat and still wind up sweaty. My legs stay warm even wet, so I don't worry about that.