I used to do it but at a certain point decided it just wasn't worth the trouble. It's more dangerous but not much more if you're careful. It's a little uncomfortable sometimes, surprisingly comfortable other times. There's a lot of time spent dressing and undressing.
I still ride in the rain if I get stuck in it, which happens maybe once every other year. I don't bother with rain gear, I'm only riding home. Getting rained on and soaked to the skin gets old fast, but if it only happens every year or two it's easier to see as an adventure.
I would have expected roads to get really slippery in the rain but somehow they don't, traction is never a problem. The first rain after a long dry spell, though, it can get a little hairy.