After multiple years of riding with fenders rain or shine on my beater, I am now gravitating towards a seat-post clip on for my rain riding. Keeps the crap off my back, which is necessary. I can clean the seat tube and drive train at my leisure so I feel no need for the full rear fender. As for the front, my calves get a nice coating of road grit in the wet but otherwise I can deal with it.

It isn't much of a hassle to keep fenders well adjusted (not rubbing) but if you have a bike that doesn't take well to them they are a pain. I got tired of dealing with them on low clearance frames.