Today... about 50 degrees... I wore a windproof jersey/jacket (about $50 from Nashbar) with a long sleeve under armor (base) shirt.
Any colder and I'd wear a similar base layer, a polar fleece tall-necked shirt... that has a full zipper, and my rain/wind (packable) jacket.
To me... being able to un-zip part way and vent away moisture and excess heat is important. The packable jacket I like is wind and rain resistant and folds up into the back zipped pocket. That back pocket is mesh-lined. So when cycling... I can unzip the back pocket and lower the jackets full front zipper and moisture/heat will vent out the back pocket opening. That is a popular and handy feature of many jackets. The packable (self-contained) jackets are nice to take along in a jersey pocket on days I am not sure what the weather might be.