I borrowed some this morning - as I was wearing Humvee 3/4s which are less suitable for a soaking than regular lycra shorts. The Humvees still got wet, but they didn't get saturated enough to chafe. And it was proper wet. So I guess it was worth looking - erm, slightly uncool (didn't matter on this count, as I was already uncool - wearing SPD sandals).
Had I been wearing lycra shorts, I wouldn't have bothered with the Rainlegs - as lycra just continues to do its thing, wet or dry.
I always remember oft-missed MalVolio saying "They are a solution to a problem I've never had" and I still go along with this. I do have a pair myself (Rainlegs) - as yet, unused.