Just got this in and think it's great for those long cold rides. Works as a layer over the cotton/merino wool thermal top and under a jacket/armor. U wont need anything else except maybe a T-Shirt over it if you don't want the "Iron Man" look. Waterproof, windproof and like wearing a sealskin shirt. Totally kills the chills.

http://www.coloradokayak.com/NRS-Mystery-S...Mens-Longsleeve

I am not sure you won't get hypothermia from excessive sweating while wearing this garment. It does not appear to breath at all.

I tested it on a 1200 mile ride and it did fairly well. It is a bit like a wet-suit layer, except that it does have a fabric lining. Snug around the neck and wrists. Awesomely waterproof, and with a thin thermal layer underneath, it retained heat and did not cause sweating. Without the thin thermal layer underneath, I think that you are right ... it would not be able to wick away body moisture. It is a pretty nice wind and waterproof layer & was very comfortable in the colder fall New England. Down South, I took it off as it was 70+ F