At Velo Orange they mention that their hammered and fluted Honjo fenders are inspired by Parisian bikes of the 40s and 50s.
What they don't mention is the personalization potential of the fluting. In the next month or so I need to find some aqua paint to match my frame. My hammered and fluted fenders will certainly be handpainted by me during my autumn tune-up.
I also like the contrasting color approach. On a light-colored bike this would be particularly nice, the butter yellow doesn't have enough contrast with the chrome. I have a nail polish that is just the right bright deep red this must have been originally, and the nail polish format would be very easy to apply.