I have to say that the cycling apparel item I have been most pleased with is the convertible jacket/vest that Santa got me (from TE, of course!) last year. It's the most practical thing, although not the cheapest. But think of it as buying two garments in one. The sleeves roll up really small, and it has a pocket in the back as well as two in the front. (Whatever jacket you buy, you'll want it to have pockets.) All my riding buddies want one. It's just perfect when it starts out a bit too cool in the morning, and then warms up too much for a full jacket.

Have fun shopping!