I’m going to be a bit exasperating here and respond with a: “Yes and no.” or a “Partially.”
Marb went from Seattle to a desert state. I have a little different perspective. I grew up in Baltimore, which is not known for its rain but it actually gets more rain per year than Seattle does, but I’ll tell you the truth, as I know it here:
For about 8-9 months of the year, we’re under a constant threat of light drizzle/sprinkles. However, it’s not uncommon to see the sun. If you turn on the news, there’s always rain icons for the weather, but it might mean you get five minutes of sprinkles, 6 hours of overcast and an hour of broken sky where sun can peek through on occasion. Right now, we’re getting filtered sun.
The rest of the year (around summer): stunningly clear skies and bright sunshine.
In Baltimore, you had longer bouts of sunshine, but the storms were more torrential, bringing lots more rain than Seattle ever gets. I can’t remember the last time Seattle had a really bad rain storm. Which sucks because I missed the bad rain storms from growing up in Baltimore. 
Yes, it does rain a lot here, but I haven’t seen the “rusts, molds or grows green shit on it” like Marb was suggesting. Also, the standard of living is high…if you live in or very close to downtown Seattle or Bellevue. However, I got a nice 1BR apartment for $620/month and I’m one bus from downtown Seattle. If that’s a higher standard of living, then it’s offset by the highest minimum wage in the country.
And, yes, Seattle has its ghettos, but there are sometimes funny things to read in the graffiti at those bus stops. I read message-board like responses back and forth down a wall one time. “seattle is a bunch of f****ts” “ur just upset u dont have a girl liek me” “fuck u” “no thanks im not gay liek u” “Hey! Learn spelling and capitalization!”
I lol’d.