I'm new here so I'll throw in my $.02. I've been using these fenders:
http://www.amazon.com/Commuter-Bicyc...6034656&sr=8-1. Yesterday riding home from work I had to go though a bunch of puddles (snow runoff) and I was dry and just a few spots hit the bike. Mine were $29.99 from a local shop (also branded Planet Bike I believe). Very easy to install.