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.