In college I was a winter commuter, but that was never more than 4 miles so I always wore:
Long Johns (polypropeline), Old Pants, Wool Socks, Hiking boots, Wicking t-shirt, Fleece sweatshirt, Outermost layer of a columbia winter jacket, Polypropeline base gloves, Choppers (leather mittens - very warm), Hat, neck gator, and Ski goggles as needed.
Now that I go 8 miles and make some money, Goodwill and bikenashbar have supplied me with better gear. I have had about 3 weeks of riding below freezing now, but today was my first day in the snow.
Biking tights under 45 degrees
Leg warmers under 35
Goretex pants under 20 (great in the snow)
I still wear a wiking shirt, it just happens to sometimes be a bike jersey.
Add a vest around 40 degrees and arm warmers if the shirt is not long sleeve.
At 32-35 add a wind/water resistant hi-vis jacket.
Below 15 degrees I adda fleece shirt between the vest and jacket ( and I was still too warm today).
My neck gator and has been replaced by a polyester balaclava (I switch to the hat above 20 degrees).
The gloves are essentially the same.
I now wear 2 layers of socks, 1 wool, 1 a wicking material. I'll add more wool if it gets too cold.
While I am no guru, this has worked well for me, however I have one brother who wears sandals all winter and a wife who wears 5 layers of clothing to go walking at 30 degrees - modify as necessary.
Snow was a ton of fun today and I saw tracks of 2 other cyclists which is encouraging. However I ride a sidewalk for my first half mile to get to sidestreets and the sidewalk was twice as slippery as any road or trail; I fell 3 times on the sidewalk but not at all the rest of the way. Does anyone have any tips on making turns with more confidence?
One last tip. It was getting colder in October and I was having issues because I sweat so much. I switched from a backpack to panniers, and viola! no more problems.
Good luck everyone.