Is clearly the Pearl Izumi Zephyr jacket in 'Please Don't Flatten Me Screaming Yellow'.

Why?

It is the key outer layer. You don't need $200 cycling jackets for winter cycling. Au contraire. You need the right weight zip-neck polartec long sleeve tops (I generally wear 1-2 or varying weights according to the temps) under regular long or short sleeve cycling jerseys with a wind-breaking shell on top. That's where the Zephyr comes in. Contains your body heat, sheds rain, keeps the wind off - all without overcooking you.

Get warmed up, you can take it off while you're riding and stuff it in your jersey pocket. I do it all the time. All the while, it makes you visible like a moving road sign. I just got my 2nd Zephyr since I started riding again 3 years ago, they have improved it and actually added a pocket in the back. Now it's even more functional. All this for $70 or so (and they sell it for less some places).

The only time I go heavier than the Zephyr is when temps go south of 25ºF on cloudy/windy days. Then I go to a similar more involved jacket with a very light mesh lining that block wind/cold better. None of my jackets for cycling ever have insulation. The key to keeping warm is in the under-layering. Listen to Pcad on this weenies. Nobody here rides more in sub freezing temps than I do. Trust me.

P.S. The Zephyr isn't water proof, but it will keep you drier in damp conditions. Don't worry about staying dry in the pouring rain on a bicycle. Worry about staying warm. Wet and warm is OK. Wet and cold is intolerable.