I LOVE fenders. One of my prerequisites for a bike that I might actually ride in rain is that I can mount fenders on it. PB's, SKS's, whatever. So long as they fit and work, it makes me happy.
Here in CT, it's a miserable wet, sloshy day today. I rode to school this morning, even across a VERY rain soaked field. Water was going everywhere... except up on me. I'm pretty dry.
I love my fenders. Wouldn't have it any other way.