Here are some nice, light and fairly inexpensive road bike fenders for all thos interested (many previous postings on subject). Looks and sounds like they will fit most any road bike.

Currently out of stock (who knows when available).

http://www.crudusa.com/product/27/

Try looking them up on fleabay, they should be available there.

NB. Despite what is indicated, they will not work on some 25mm road tyres.

These are a better option. You'll never to get full fenders to fit under the fork crown or rear brake bridge of a Cervelo. The SKS Race Blades or Planet Bike Speedez in particular are good ones.

 Looks like fellow Cervelo enthusiast "sacredsurfer" got them to work on his S1, see: http://forums.cervelo.com/forums/t/72.aspx?PageIndex=190

I emailed him and am waiting to see how he did it and I am curious what width tires he is using and how much clearance at his fork crown and rear brake bridge. In my case, clearance under my 3T fork crown on my R3 is about 1.5 mm or so with my 25c Michelin Axial Pros and about. I went ahead and order a set of Crud RoadRacers from Ribble to try them, knowing that they will not work, but with the intent of figuring out how to modify them so they will work.

EM3

The Crud Road Racer mudguard appears to be in stock at http://www.probikekit.com/display.php?code=A0551

I got some last week from www.chainreactioncycles.com . They arrived in 7 working days and fitted under the Funda Pro on my S2 as well as the rear with no problems. The guys in the group ride the following day stated that they were pleasantly surprised by the lasck of spray coming up at them as it looked like I had no fenders on.

FYI I had 23 mm Michelin Pro 2 on and there is clearance although a leaf can make a lot of noice if it gets trapped!