Finding the correct combination of rain gear can be quite the chore. I ride in a decent amount of rain, but somehow never guess right on what I should wear. As you said, a wicking layer is very important as is a wind proof layer in colder weather. It really surprises me how little I have to wear in freezing temps. Even in temps in the 20's I only wear a t-shirt and a light-weight gore-tex jacket. I think it is easier to dress for a 35 degree rain than it is for a 50 degree rain. I just hate that clammy feeling.