I would not ride my bike, if a significant chance of rain was in the forecast .
Up until I replaced the front rotors and brake pads from OEM, to EBC, it made all of the difference in the world .
I had a good 'acid test' in August of '08, I have an 11 mile ride from work to home, it started raining very heavily about 30 minutes before leaving work, I rode home in several inches standing water all the way, plus a couple of flooded intersections, and still had adequate braking .
My suggestion would be first replace the OEM brake pads, I've got EBC FA18's installed .
If you have ATE calipers, you need to 'modify' the metal backing plate of the pads, to fit your bike, took me about 45 minutes to remove the required material .