Last twelve miles of last weekend's ride with the Northwest Arkansas Roadies was in the rain. Fortunately, it was a nice garden rain with little or no wind and no lighting; however, it kinda puts the kibosh on drafting due to the rooster tail from the bike ahead. Also, I chose not to hammer down one of my favorite descents

as I usually do. Even with said limitations, it was OK in the rain.
Edit: Once you're soaked, you're soaked. You can only get so wet.