Just to add a little more info to my post.
The coldest I have ridden this year was 15F and here is what I had on from head to toe:
Helmet over a thin polypro balaclava
microweight fleece shirt from K-Mart over a moisture wicking shirt from Wal-Mart and my e-vap lite jacket
foxwear 250 weight powerstretch tights
wool socks over polypro sock liner
I also had on a pair of XC ski gloves and cheap hiking shoes from wal-mart
I was actually a little too warm when I got home at 7:00AM