There is a big difference between rain in the NW and rain in the east. Here in the east it is a heavy downpoor that will get you soaked to the bone in 15 sec.
The ifirst year here, after 30+ in Portland, OR area, I didn't think I needed an umbrella. Today there is one in every car and a couple by the front door and the back.

On one commute home from downtown to Alexandria the decision was made to go for it. there was no option. A bunch were waiting under the bridge but c'mon, really?! If you have another 9 miles to go, what is the likelihood you will stay dry? 0

Fenders are great, even theses worked really well.
1997 Specialized RockHopper on Flickr

I was just thinking about riding in the rain. I need to pick a bike to do that with. My thinking is the Trek 610. I have a 760 to do the dry fast thing. I think the 610 is a great candidate.