GO MERINO, MERINO, MERINO WOOL!!!
The best touring clothing is highly breathable, doesn't stink, and is also warm if it gets wet or for when you bike in varied climates (like the West Coast). For all of these reasons Merino wool is my go to choice and it's surprising to me how few people who tour actually use it. Yes, it cost more but it is a wonderfully long lasting and robust fiber and is one of the most eco-friendly materials around. It is naturally anti-microbial and it doesn't stink if you air it out after riding. You can get a few days easily out of a merino jersey. And if it gets cold, it keeps you warm, meaning you actually have to pack less.
Wool like whatever new wunder plastic fabric that is out now, is much different from the scratchy cheap stuff that a lot of people remember. Wool jerseys are now so finely woven and soft, they feel like a silky cotton. I also have some merino wool knickers and shorts that are the most comfortable I've ever owned. It's the most comfortable fabric against the skin.
Ibex is my favorite brand because they are almost all USA made, look great, and finished excellent. Plus they come with a lifetime satisfaction warranty, so it's really risk free buying. There are some excellent other makers out there for new stuff and look out for seasonal sales if cost is a major concern, like it is for me.
I also have found many good deals on merino wool and cashmere sweaters at thrift stores that make excellent layers for biking and are really lightweight.
Merino really has been a life-changer for me on the bike and you owe yourself at least one merino piece!
Here is a picture of me in my favorite Ibex indie jersey on the way to camp out in the Marin Headlands, right across the Golden Gate Bridge.