Originally Posted by nother]A buddy of mine just got and highly recommends the [URL=http://www.lickbike.com/productpage.asp?PART_NUM_SUB='6355-00
Assos ClimaJet[/URL] but at nearly $200, it's a bit steep for what I'd use it for (it only rains ~December through ~March around here, and not constantly...usually some breaks to get out riding). If you plan to ride in the rain a lot it might be worth it.
i've got a climajet vest, and it's fantastic. that said, i got my vest for free. not sure if i'd fork out $$$.¢¢ for one.
it does the job, remarkably well, but it's kind of delicate.
i'd suggest spending that kind of money on an assos intermediate jacket. not exactly water proof, but SO versatile, and combined with a good baselayer you can cope with most wet and cold conditions above freezing.
now, to get to Pete's question: i ride in wet conditions quite a bit over in NL. I just make sure my knees and feet are warm, and that my feet are covered in booties.
if it's really something you're concerned about, get fenders.