I turned my oldest training bike into a rainy day bike - by putting SKS guards on it and adding part of a drink bottle to each one(I'm tall and so needed the extra length at the back). My feet still get wet and spray still come down the front of the back one onto the seat tube area.
They are very good.
I found that the plastic screw securing system wasn't very good so I glued them to the forks etc. If they were to be put on/taken off all the time the screws and female threads wouldn't last long - so that would basically be the end of their life
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I have a clip in rear mudguard(I modified it a little) for my normal training bike. I extended the end of that too. It's as good as the SKS rear guard and takes two seconds to fit/unfit.
At the front I fit a modified MTB guard to the down tube under the cables. It works well in that it keeps the spray off my face and off my drink bottle - it's all I need
I now(and for other reasons - like the first one mentioned is only an 8 speed) only use the bike with clip in guards in the rain.
A friend has the best guards
I have come across. They're made by Philips(I think) and they clip into small steel mountings that are permanently(obviously can be taken off) attached to the brake calipers. Clipping in/off is easy.
They're nice and long and do a really good job.
If you're interested I could email him and get more info on them.