Fenders that are effective, plus a rain cape, plus a waterproof helmet cover: All I need to keep dry while riding in the rain. They protect my hands, feet and everything else, from the rain. I like the J&G rain cape and helmet cover. I don't like hoods because they aren't compatible with eyeshield-worn rear-view mirrors.
For the cold in general, I prefer wool socks and fingerless gloves that convert into mittens.