I use a hiking style softshell with windstopper protection. I simply bought a size larger than normal and it works fine on a bike; plus hiking gear tends to be cheaper than bike specific gear.

The plus side is that it really does cut the wind down which is great in the coldest days of the winter. The down side is that a windstopper layer will interfere somewhat with sweating but not as much rain gear would. I find this to be the most useful piece of kit for winter riding.