They're great for adding versatility to your cycling wardrobe, particularly for early morning rides - I find arm warmers particularly good, I can leave the house with sleeves and take them off as it warms up.
I've got a set of Coolmax ones (Lusso) and a set of fleece backed lycra (Impsport) and find the latter are wearing better, and are more comfortable.
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Currently riding an MTB with a split personality - commuting, touring, riding for the sake of riding, on or off road :)