Regarding whether you can fit fender, similar to the Planet Bike SpeedEZ, you can also get the SKS Raceblade fenders -
http://www.sks-germany.com/sks.php?l...t&i=5289300000



Unlike the Planet Bike ones (I believe) the SKS's now come with a mudguard -



If you're really serious about fenders, I've also seen split full coverage fenders that simply split where the fork is so they work on bikes without enough clearance for fenders. I don't have a link offhand though, unfortunately.

I have a rack on my bike and it does the job of the back fender for me - rode home the other night right after it rained, when I arrived home the rack (and the rack bag on it) had some grit on them, but my back was totally clean. My legs (with no front fender) just looked a tiny bit dirty until I took off my socks - it looked like I had a serious tan line. Just from the grit (washed my legs and no "tan line" left whatsoever).

Fenders are something a mixed bag - on my winter bike I've had serious issues with noise (aluminum fenders, though), the fender coming loose (some loctite fixed it once I figured it out), and in riding in the snow the fenders made the snow spray from the tire worse - snow built up on the inside of the fender, then the tire eventually starts rubbing against it and completely covered my lower body in snow.

But I just bought a pair for my rain bike (the SKS's mentioned above) after the "tan line" thing.