Hi Snakeboy.
you are right, the rainy season is in summer. But the floods you are mentioning took place in Winter...so not exactly in the rainy season. (Nov. 2011) If you look at the rainy days, they occur mostly in the summertime. But when and hpow much it will be raining is constantly changing. Same as Winter in europe, December/January isn´t the coldest month in winter anymore in most areas. Snow isn´t seen until late February where I live (and my neighboors rely on the snow for their ski business...)
Flowering of plants started in early Dec. this year in my garden....well i think climate is changing and it is unpredictable and it might change from year to year.
i´m travelling Asia for almost 30 years now and I experience a change in climate which is unpredictable.
And thanks on your advice about the traffic and weather, maybe there are some readers who didn´t know.

So again my advice:
it´s absolutely possible to ride the LOS in rainy season without problems. during the rain, you just take a break, and as soon as it stops you go on. Or move to a dry area (as I did numerous times in India, Ceylon and the LOS)
On a small bike with low weight it shouldn´t be any problem. The locals don´t stop life (or riding their 100cc bikes)...
Just be aware, that the monsoon is weak in some years and strong when El Nino hits.
I myself can´t change my shedule too much and will have to ride temporarilly in the rainy seasons. It´s a question of beeing able to adapt to the situation. If you are in a hurry, your tour through Tibet is planned and the Visa is about to expire, well that´s a problem then, and if even trucks cannot pass, you won´t either. But that´s the risk of travelling.
I wouldn´t hesitate to ride in the rainy season, just because it could get wet and I could get stuck. (and I encountered real monsoon in times where it was predictable and when we stood knee high in water, within some minutes...)
But that´s just my opinion.