Richo likes living life on the edge. If you feel the need to ask about the dangers involved in wet road riding, clearly you're a bit saner than him (not a difficult achievement :blush

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Riding in the wet is a FUCK LOAD less forgiving than the dry. I agree with what other people have said, you not only have to look out for reduced traction but also cars, who tend to drive even MORE aggressively for some reason when their stopping distances are doubled and their windows are fogged up.
Unlike riding on arrowmaxes, riding on wet roads won't make your bike explode, but I'd stay off wet roads until you're confident on dry ones at the very least.
Justin.