I'm not hunting in this crap with a bow. More power to you if you do, it isn't for me anymore. It's a long season, I don't need to kill a deer, and I'm getting lazier every year. I just do this stuff for fun, and rain takes the fun out of bowhunting for me.
Last year's opening day of shotgun season was an absolute downpour. I hunted all day, and had one of the best still-hunts of my life. Deer slugs and broadheads are different animals all together.
Brock pretty much nailed my thoughts on this. I love bowhunting, but when the conditions are like they are right now, I don't love it enough to go out there and be miserable for a few hours. Is it ethical?... Well, that's for each hunter to decide about him/herself. Personally, I don't think it's worth the risk. Plus, it gives me an excuse to go kill some ducks or geese... usually.