It gets really cold here, but is also very dry. We'll see regular 10* F temps during the ride in/out. As such, I don't need so much gear. I ride to work wearing my work clothes under a windproof jacket and snowboarding pants (with vents). I'll wear a watch cap under the helmet to keep my ears warm in the morning, and will just wear my regular fingerless gloves - I use pogies to keep the hands warm.

At night, I'll add a balaclava to the above. Never cold, the 60 mph winds will make me think about how bad I really want to ride more than the temps. As a headwind, they're merciless. As a side wind, well, I've spent time walking here because I couldn't stay upright and out of traffic...

I guess if you customize to your climate, you should be OK. For me, I've found that the actual ambient temperature isn't a show-stopper above zero. The winds can be. I'll also say that fresh snow (before it starts to melt) is fun as hell.