My front fender on my Trek 800 is actually from a '59 Schwinn traveler 3 speed. it's chrome and a little fancy looking and does the job well. I added a home made mudflap today to help keep my toes dry when I turn. If I never had full fenders I'd say "what's the big deal?" and be happy to have clip ons (if I had them) but once you have full fenders it's hard to imagine life without them. I guess it kinda relates to the theory of "relative poverty" I learned about in my sociology class. And, you adjust to more/better conditions easier than you do going back to what you had before, even if you were happy with it in the past.
And if someone is going to go through the trouble of stealing my bolted on fender they have to want it much more than I do