Without the fleece it's a bit flappy and unaerodynamic, but you can minimise this with drawstring adjusters and it's very comfortable. The pockets are great pockets, and the hood that you can zip on in a thunderstorm has a peak to keep the rain off my glasses and is cut away at the side to maintain peripheral vision. I have a pair of Pertex longs that are fairly close fitting, and work well. I have been cycling in temperatures as low as minus 20 degrees Celsius sandwiching a thin pair of cotton lycra leggings requisitioned from my girlfriend, and I was toast. I never feel so alive as when I'm riding in cold weather and feeling toasty warm.
Shoes are vitally important also.
Cycling is all about the smooth transfer of energy from your legs to the road, and one of the weak links in this process is the interface between your foot and the pedal. A shoe that is too soft forces the small muscles of the foot to tense in order that the force is transmitted to the pedal. Much better to support the whole of the underside of the foot with a very stiff sole and allow the large muscles of the leg to take the strain. The toe clip and strap is practically obselete as a way of transferring energy to the pedals, though the toe strap still has a multitude of handy uses in cycle maintenance. Most cycling shoes come with a variety of holes for attaching cleats, which in turn attach to the pedals using springloaded bindings analagous to ski bindings.