I've ridden through some pretty incredible downpours, with wind gusts, lightning and practically zero visibility for hundreds of kilometers at a time. I try to avoid the rain when I can, but it comes with the territory, especially when you tour a lot or the bike is your only means of transportation.
- Rain gear is hit-and-miss, ineffective or completely useless in many situations. I have yet to see a rain suit that won't leak (up the sleeves, down the neck, at the crotch) after an hour at highway speeds in pouring rain. Gloves are the worst - after your hands are wet the rest is irrelevant, especially when it's cold. If it's hot, you'll be drenched in your own sweat. All in all, rain gear is better for unexpected cold weather, especially if worn under regular jackets/pants. I rarely carry my rain suit and when I do I avoid to use it unless I have to.
- Helmet fogging and visibility is another issue that's very hard to fight. I use Rain-X and it helps quite a bit, but sometimes water gets under my visor where it's impossible to wipe. Some people recommend rocking your head left-right to blow off the rain drops, but I've found that up-down motion works better. If it's relatively cold and not raining too hard it helps to keep the visor slightly open to prevent fogging. I have a piece of plastic edging that I stick on the lower edge of the visor for that purpose, leaving about 1-2mm opening.
- Adjust/adapt your riding. It goes without saying, but many people are unprepared and inexperienced to ride in the wet. Smooth throttle, clutch and brake operation is key, and so is careful maneuvering.
- Don't stop to wait it out. I'd rather keep rolling until I get out of the rain front or reach my destination than sit semi-drenched in Tims watching my bike getting rained on in the parking lot.
- Cold. The only thing that will stop me are prolonged rides in rain and cold. How cold and how much rain depends on a lot of factors. I gauge them and decide when/where I'm going to call it the day depending on the circumstances.
- Visibility. It can be greatly reduced, even to the point where you can't see more than few meters ahead. I adjust my riding accordingly by pretending there's a stopped car just ahead of me. I also augment the lack of visibility with my GPS zoomed in to the appropriate level.
- Traction/handling/aquaplaning. As long as you adjust your riding style to the road conditions there's not much to worry about. Aquaplaning is not as pronounced on a bike than it's in a car and not really dangerous unless you are leaned in a corner. Speaking of leaning, I try to keep straight whenever possible and slow down considerably when turning corners.
- Rain tires are for the track. Unless you plan on dragging your knees during the monsoon season in India it makes no sense to put them on. They won't help as much in the rain and they will wear in no time on dry asphalt. Good sport-touring tires provide the right balance between wet/dry grip/traction and wear/longevity.
- Braking. Give yourself a lot of room to stop, brake very carefully and prepare to release the brakes at the first sign of skid/slide/lock. ABS rules here, for those that have it.
All in all, don't rely on any equipment (although some will help to some extent) to keep you dry, warm and safe. Listen to your body and adapt your riding to the conditions.