Mine served me well through 4 Wisconsin winters, including 100+inches of snow this past winter. Like Wolfak, though, I rarely kept the two pieces zipped together... on really cold days (like the day it was -30 F with the windchill and we all still had to go to class), I'd put on the shell, zip it all the way up, put on my hat, put on a big scarf, and then put the shell on over that and zip it up too. Like Catriona mentioned, it was also nice to keep things separate, because I could unzip one or the other to get a little ventilation those cold days when I worked up a sweat trying to get to class on time.
I was very happy with it, even on those very blustery days! I don't think it's very bulky at all, and in fact I've used the fleece as a fall coat and the shell as a windbreaker/rain coat for summer travel (which it was great for, because it has lots of pockets).
Happy shopping!
eta: I don't think mine is technically waterproof, either. Though most of the water rolls off, the outside of the shell gets damp if you're out in a downpour. I don't recall it soaking through and me getting wet underneath it, though. I think mine wasn't exactly the 'top of the line' model, either, so I'm sure there's more waterproof stuff available if that's what you need.



), I'd put on the shell, zip it all the way up, put on my hat, put on a big scarf, and then put the shell on over that and zip it up too. Like Catriona mentioned, it was also nice to keep things separate, because I could unzip one or the other to get a little ventilation those cold days when I worked up a sweat trying to get to class on time. 
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