I picked up some  
SKS P45 fenders from 
Silver Cycles (LBS) for the 
LHT yesterday and I must say they are a pretty good solution. I researched several of the higher end, fancy pants fenders and figured I would try these first. They are cheap enough that I can always upgrade if I didn't like them. I also didn't want to mess around with drilling, measuring, and getting leather washers and the whole thing. 
The biggest competition for the SKS are the Planet Bike fenders. I had these on the Cross Check and I liked them too. They are durable and the price is right but overall I am liking the SKS a lot more. The installation was easier than the Planet Bike fenders and took a lot less time.

I like the multi layer 
chromo plastic. The stripes gives some depth to the 
LHT. Time will tell if it can hold up to a beating.

I really like the 
Secu-Clips. The idea is that when a stick gets caught up in the fender the fender arms will pull out of the clip rather than the fender shattering or causing a wreck. Another use I found last night was that you can simply pull them out to put the bike on a fork mounted roof rack. When I put the 
LHT up on the rack the fender was hitting the tray blocking the fork frown lowering down to the fork mount. After popping out the arms from the clips there was no problem. Afterward I just popped them back into place and was ready to go.

During the installation of the front fender I realized that the black plastic tabs (guides) that hold the arm in place didn't allow for adjustment I took a knife and cut the plastic halfway up the arm. This kept the plastic on the ends of the arms keeping them safe from poking or snagging (and they look good).  I know I could have just removed them but I'm lazy.  I had no problem with the rear tabs, the fit was perfect. 
The only other issue I had was that the directions provided were pretty vague and didn't specify which bolts went where. It's not rocket science though, I got through it.
Other than that that installation was very smooth.  Over all the Planet Bike and the SKS fenders offer a great solution for an inexpensive easy to use fender. That said, having worked with both recently I would recommend the SKS.  
This photo makes me very happy. An LHT in every kitchen!
Have a kick ass weekend.