In the cold, the general rule is "If you're not a bit cold on the first streetcorner, you're wearing too much stuff."

I really like my windproof fleece jacket. It's a Sherpa so it's a bit pricey but worth it. Not rainproof but otherwise great. I only wear rainproof stuff when I must (ie. when it rains)
Fleece is really warm and breathes reasonable well. If you're going to wear it without a winbreaker for cycling, you better get a windproof one.