This is an interesting thread. I haven't gotten out for a cold weather ride just yet this year for one reason or another. In general, I hardly ever wear more than three layers on my upper body (base layer, jersey, Gore Windstopper jacket) and two layers on my lower body (tights and knickers). I also never double on socks because it would decrease my circulation such that it would be counterproductive. Instead, I use toe or shoe covers and charcoal inserts. I also use gloves and a glove liner. I hate wearing a balaclava and instead usually just stick with a hat and a neck warmer.
I think it's important to factor in how fast of a ride you're dressing for. I don't like slower rides in the cold because I don't warm up enough otherwise. I also don't usually go longer than 25 to 30 miles in the cold. Anything over two hours and my body gives up.
Live with intention. Walk to the edge. Listen hard. Practice wellness. Play with abandon. Laugh. Choose with no regret. Continue to learn. Appreciate your friends. Do what you love. Live as if this is all there is.
--Mary Anne Radmacher