I live in the midwest. Right now (40-60s) short sleeve wool jersey, arm warmers (in the morning), and maybe a vest with regular synthetic cycling shorts, knee warmers in the morning are perfect for me. When it's warmer and humid I leave the wool home and go with a regular synthetic jersey. Wool is great in the cool, but I don't wear it in the summer much.

http://www.velowear.com/ : I REALLY like these clothes. They seem to hold up well in the wash. Also, though you can get gaudy race stuff from them, they sell plain colored jerseys and shorts with only a little logo creep.