I did my first ride of the season yesterday evening. Temp was around 30.

I wore on my Torso:
Long sleeve turtleneck tee shirt, covered with a tee-shirt type (old) jersey (for it's pockets) and a windbreaker.

Legs:
Bike shorts (with Chamois), Wind proof tights (neoprene on front, poly on back), Smart wool socks and my mtn bike shoes.

Other:
Full fingered gloves, neoprene Balaclava and sunglasses.

I rode 45 minutes. The only part of me that got cold was my feet because my shoes are "breathable". EVerything else was FINE. Just warm enough to exercise and cool enough not to sweat.

I'm getting neoprene or similar toe covers from Performance BIke or Nashbar over the weekend and I"m thinking about a glove that isn't quite so breatheable as well... the hands were "okay", but could have been warmer without the air flow.

Can't wait to get out again tomorrow after the roads dry off from today's snow.