Full fenders here (Honjo & Velo Orange hammered, commuter/back-up), with leather mudflaps of varying pedigrees. Although it most often is only a light rain here in Seattle the fenders make a HUGE difference because they keep the spray off my feet and legs. It's nice to feel braver going through some puddles (when you know there isn't a pothole hiding under it). It's also nice not having a muddy stripe on the back of my shorts too! Besides, they look classy and I'm addicted to accessories.