This has been my experience to. You can make it breathe and get wet, or you can make it water proof and sweat, still get wet but now stink to.

Wool still takes the prize, it breathes, it repels small amounts of moisture, if it does become saturated it retains a fair amount of warming ability. I have had my wool sweater get soaked and haven't even felt a chill from it while biking.

I have a nylon shell which is useful on the windy days, but I've also managed to stay warm on some pretty cold/wet/windy days with just a layer of silk underwear, a synethetic t-shirt, and a wool sweater.

Take the money you would spend on a high tech jacket and get a good pair of gloves and a collection of thick wool socks.