I had full fenders on before, but I just took 'em off for CX so now I'm just sporting the back one. It's not too big a deal for me to get soaked on my commute - I shower and change at work, and going home who cares if I get wet. For just regular old rain, my feet just get wet. Like homebrewk says, when it's wet my clipless shoes fill with water enough that it sloshes around. But, meh, they dry during the work day if I take the insoles out and put them on the HVAC vent. I might be getting booties/shoe covers soon but that'll be for CX.

For winter cycling, I wear big ol' boots - my winter bike is equipped with toe clips and straps big enough to fit boots.