I would recommend SKS fenders, the breakaway device really does work. And the PB "mudflap" is a complete waste of time. As you will know if you have ever followed someone with PB fenders in the wet. Unless you plan to never have anyone riding behind you a flap that comes to within 3-4" of the ground is a must.
Note 1: The SKS "breakaway" device is really a pop-out device; pop the struts back in, once you've cleared the wheel, and ride away. Nothing to replace.
Note 2: Make your own mudflap! Go to Sears and get a pop rivet kit if you don't already have one (it counts towards "he who dies with the most toys"). Drill a couple holes in the fender, preferably with the wheel out. Cut a plastic bottle, or some other worthy stock, to make the mudflap, and rivet it on. My cheap shampoo bottle has lasted ten years so far, although you can get a Brooks leather flap if that looks too chintzy. (I prefer to think of it as an anti-theft addition to my preciousss.) Roofing felt also has been suggested, but I don't have any experience with that.
Note 3: Even if you're not worried about people following you, a mud flap is worthwhile on your front fender to keep the schmuck off your drive train.