Looks way too hot to me. I just do the balaclava under my helmet and that gets me most of the facial coverage I need (or if I don't need it, I pull it down to my chin. If it's really cold, I'll throw ski goggles on instead of my glasses and/or put on my raincover on my helmet, but those are when it's colder than I usually like being out kinds of days.
__________________
Bikes: 1996 Eddy Merckx Titanium EX, 1989/90 Colnago Super(issimo?) Piu(?), 1990 Concorde Aquila(hit by car while riding), others in build queue "when I get the time"