I have a waterproof/breathable jacket from J&G. It was $100. I was a little hesitant to pay even that (I'm cheap) but it has been a great investment. I use it as a windbreaker layer on any day < 50*F or so (all winter) and when it's raining significantly, so I've probably worn it 600 days or morein the 4 years I've had it, and I've fallen on it a couple of times too, and it still shows no sign of wear at all.

I wear that with just layers underneath. I've ridden down to -25*F with just a couple of shirts (in colder temps, one of them is a poly or acrylic sweatshirt) underneath.

As far as gloves, I wear crochet backed half fingers when it's > 40*F, basic fleece windproof gloves ($10 at Kohls) down to about 10*F, and blaze orange hunting gloves below that ($10 at a department store during hunting season, these are basically cheap ski gloves). Some people need more warmth than that though, so YMMV.