I don't mind riding in the rain when all i'm doing is going out for a ride(doesn't happen often, but short rain rides can be fun).
I don't like commuting in the rain. I have a rear fender, but no front fender, and I hate showing up to work/class with my pants soaking wet. I still do it because my house is too far to walk but not far enough for me to justify driving/paying for parking.