Originally Posted by
cmolway
With outerwear, there comes a familiar axiom: breathable, waterproof, cheap--pick any two.
This. And be aware that "breathable" is relative. Even something like Gore-Tex Paclite is going to seem too heavy if you're hammering, and the eVent isn't any better.
For cycling in below freezing temps, waterproofness is going to cost you in comfort even if high quality breathable is way better than ordinary waterproof gear.