I'm OK with rain. The worst thing is getting my shoes soaked, just from a comfort standpoint. One time I literally poured water out of my shoes when I got home. If it's warm enough, I'll just ride in sandals or flip flops. I keep some spare rain gear at work (it's no longer completely waterproof) in case I get into one of those 30 to 40 °F situations. I used to carry rain gear 100% of the time, but have gotten more carefree about it in my old age.

Fenders are a toss-up. There just isn't a lot of muck on my route, and my fender-less bikes have stayed reasonably clean. I'd install fenders if that situation ever changed. My new tires (Schwalbe "Citizen") don't toss up a lot of water. Now we're getting into the season where I can largely avoid rain by watching the weather radar and being prepared to wait 15 minutes.

I've mentioned before: Cyclists in my locale seem to be more afraid of rain than of snow.

For better or worse, a factor in a lot of discussions about commuting, is the quality of your workplace. I happen to work in a very casual workplace, with flexible hours, and a job where nobody really knows what I do. I outrank my supervisor. So if something really goes wrong with my commute, I can just turn around, go back home, and figure out what to do next.