Velo Orange makes aluminum fenders that are comparable in price to plastic.
I bought a set recently and really like them.

http://www.velo-orange.com/fenders.html

Pros:
* great coverage (very long and fairly wide). My feet definitely stay drier than with full-length SKS fenders.
* supposedly more durable than plastic (I've only had mine a couple months)
* look cool

Cons:
* a bit more work to install
* fairly wide, so not a great idea if your frame has tight clearance