My balaclava is working well -- perhaps TOO well. After rides of more than fifteen minutes in the cold (in other words, almost all of my rides), I find that the space between my nostrils and my upper lip has a decent coating of mucus, to say nothing of the stuff that ends up on the balaclava itself.
I usually can't feel it during the ride, and it doesn't bother me in and of itself. However, the mucus is unsightly, and anyway, I don't think that my nose is supposed to be running so much in the first place. Given a conflict between a warm face and dry nostrils, I'll take warmth pretty much every time. But is it too much to expect to have both?