I'm a bit surprised at the support that fenders have gotten so far in this thread.

And, let me add my name to the list of supporters...

I bought a Trek DS largely so I could have fenders. My main goal for the bike was to keep me riding as much as possible through the wet, sloppy weather of the fall, winter and spring. I didn't want to stop riding because it was wet out or looked like it might get wet. So, with fenders, Gore-Tex shoes and shell, the only thing on me that gets wet are my thighs...

And, it worked! Since September 2012 when I bought it I have accumulated about 1800 miles -- most of which would not have been ridden if I did not have the bike...

I call it my utility bike or, more explicitly, my no-excuses bike...