I clicked on this thread because my opinion of my cycling jacket is the exact opposite. Every time I'm out riding in the cold I think how much I love this jacket. It's a
Gore C5 Windstopper Thermo Jacket. Lately temps have been in the mid 20s to low 30s here in central Pennsylvania, and the only parts of me that get cold when riding are my toes and my fingers. There are times I feel the pressure of the wind, but I haven't once felt the bite of it inside the jacket. And it breathes very well. I won't say my back is completely dry by the end of a ride, but it doesn't get wet enough to make me uncomfortable. I wondered whether the lack of pit vents would matter, but I've learned to just unzip the front about half way on extended climbs, and that has done the trick. I guess everyone is different so it may not be the perfect jacket for everyone, but in my opinion it's the perfect jacket for me.
For reference, here are two other jackets I tried when I first started biking in cold weather. The Columbia Pouration rain shell is made from waterproof/breathable Omni-Tech and has pit vents. It did reasonably well keeping out the wind, but it did not breathe well. That's not a knock on it, since it isn't really designed for intensive activity like biking. It's more of a rain shell. Plus, it has a hood and hoods just get in the way when biking - even folded up. Next I tried a North Face Bionic 2 soft shell. It definitely breathed better than the Columbia, and TNF's Windwall lives up to its claim for sure. But it just wasn't cut to be a biking jacket - the chest buckled out when I leaned over into biking position, and the back needed another inch or two to cover my lower back just above my pants. Moving to a cycling-specific jacket has made all the difference in the world. I absolutely love biking in it; it almost makes me glad it's cold out!
I usually wear a Champion C9 base layer under it, combined with either a thermal cycling jersey or a technical hiking shirt for a mid layer depending on how cold it is. I've only had it for a month, but I suspect that I'll even be able to wear it in early spring with just a short-sleeve shirt under it... up until the point that I just need a thermal jersey with no wind jacket.
If the fleece lining in the thermo jacket is too warm for you, the
C3 Windstopper Soft Shell would be a good alternative. Since no local stores sell Gore cycling apparel, I had to order them online. I ordered both of them for comparison, since Gore's website does not really describe the difference very well. They both fit about the same, but the soft shell has no fleece lining - just the windstopper material. They fit about the same. (Oddly, the C3 Thermo Jacket did not fit well - buckled at the chest like the TNF soft shell.) I liked both of them so much that I considered keeping the soft shell also to use in the shoulder seasons, but I changed my mind because I don't think the difference is quite enough to warrant owning both of them. But if you want something warm but not super warm, the soft shell might be worth looking at.