Yeah, it depends. The flaw in a lot of bike specific stuff, - even it's reasonably priced and of good quality, is that most of it isn't designed for REALLY cold weather.

I've used bike specific booties and haven't been that happy with them. I do have a pair of PI Amfib bib-tights and those things are pretty awesome when it's really cold. But I've never owned a cycling jacket. I have a wind-proof jacket from "Running Room" that I got at a thrift store for $10. It has a long back or tail like a cycling jacket would. Under that I'll wear a fleece pullover on top of some decent thermal underwear. A true cycling jacket would be a little less flappy but I'm not breaking any speed records in January anyway.

I will second acid's recommendation of Craft brand products. I have some XC tights from them that I wear quite a bit.

So my take on it is that cycling specific outerwear will be much better than what most people wear outside during the winter, but not necessarily better than other outerwear designed for being active outdoors.