Yup, tons of people use Crannys, myself included! Mine is a 2002, though, and comparing my welds to the ones on my wife's newer Huffy Panama Jack, ugh. I think the poor soul who welded mine up was mad at the world and wanted someone to get hurt...
Fenders are good for keeping water and mud off your engine and off your back, but the stock mounts are pretty fragile. I lost the mount for my stock front fender when I put on my springer front end, and have not put one on it yet. Two of my three rear fender mounts broke last weekend, after about 100 miles of use, so I took it off too.
My rear rack should be in today (ordered a cheapo chrome Wald 215), so I am going to see about lining it with something to act as a rear fender, but sturdier.
The problem with fenders breaking is that they can get jammed in your wheels and lock them up, which can result in catastrophic failure.