It's not really the rain that's an issue, it's the standing water left in the areas where there are depressions after the rain that are the real issue. That's the junk I don't want to spray all over my bike and myself. That's particularly the case since I usually commute in my work clothes.

Also consider this, with that high of a riser stem is there any way that your bike isn't going to be mistaken for a grocery getter? The only thing I'd think of if I saw that bike without full fenders is that it's actually missing something integral for a utility bike..