Lights are probably one of the foremost examples on bikes of "you get what you pay for" when it comes to bike stuffs.

Since you're on a budget I'll recommend these:

Get a Magicshine 900 for your front. You can find them on eBay or from geomangear.com (he's highly reputed as far as I've ever heard, I've never dealt with him though). Rechargeable, and quite bright. The only complaint I've heard is that the light isn't 100% waterproof, and it's best to dry it off as soon as you get done riding so that water doesn't seep in. This will cost ~$100 after shipping, and is probably brighter than the low-end Niterider you just linked.

For your rear, I'd recommend a Planet Bike Super Flash (commonly abbreviated to PBSF). These cost ~$25 and are adequately bright. They're not rechargeable but have a good battery life. Don't mess around with one of those tiny single LED blinkies. They're cute and minimal, but no where near bright/obnoxious enough to get you noticed. Definitely bright enough for people to see you. If you want to increase your visibility, I can personally recommend DiNotte's rear lights (they are rechargeable). They're absolutely blinding, and it forces people to notice you. There are Youtube videos comparing the PBSF to the DiNotte and the DiNotte blows it out of the water. However, even the cheapest model of the DiNotte tail light costs five times more than the PBSF, and the next step up is almost ten times as expensive.

As far as fenders, I own a pair of Planet Bike Cascadias and I love them. They're cheap (about $45ish), they're sturdy, they're quiet, and they come with a really nice mudflap to stop water from spraying your feet.

Pffft! Clifton beat me to the punch. Truth is, both lights are highly regarded across bikeforums.net and have been tested extensively. You can't go wrong with either of them.