Bib shorts under PI tights and Under The Weather 3/4 shell pants over that. Tops, I usually go with a Patagonia long sleeve shirt, then a short sleeve jersey, then a shell. If its really bad, I'll don a hoody under the shell. A good wool scarf is worth it, and so are some winter cycling shoes.

I need to try those cold water diving gloves, tho.

When I ride, even on the coldest days (below 0 degrees F), my upper body radiates heat like a furnace.

I work the hardest (and spend the most money) on keeping my feet, hands and head warm, and then the rest of my body takes care of itself...as long as I wear short sleeve shirts or a vest with arm warmers so I can get rid of the excess heat.

I wear Docker cotton shorts year around, with leg warmers and knee socks on cold days.