what to wear?

As far as the lower body is concerned, when it's 20 degrees like where I was riding today, I wear lycra shorts and Pearl thermafleece tights, and I'm perfect. You could use knee or leg warmers with baggie or lycra shorts, depending on the temps and be warm, depends a lot on how the cold effects you.

Glad to hear the cold won't keep you in.

I go ghetto

I crash a lot when I ride in the snow so I wear a layer of lycra and then top it with some cheapo sweat pants and a sweat shirt from Target. I'm not willing to buy some nice stuff and then tear it up. If it gets any colder than 20 degrees, or if it's windy, I will throw on a shell. I was out for 2 hours in the fresh snow on Saturday morning and perfectly warm.

Other low cost ideas are using newspaper bags on your feet outside of your socks and surgical gloves on your hands (under your gloves). They don't breath (obviously) but they are light weight so you can keep them in the camelbak in case you really get cold.

Yesterday @ Green Mtn. it was about 24 and windy.
lycra bib-shorts underneath a pair of Performance heavy tights that are windproof in front and fleece lined. Heavy wool socks- I forgot my neoprene booties and paid for it with frozen feet. On top: two long sleeved jerseys, fleece windstopper jacket, with pit zips for venting, shell on top of that. Pit zips are indispensible. Gloves: heavy fleece w/ windstopper. Headsweats beanie with fleece around the ears.
Worked fine, except for the no booties.

I was out Sat. afternoon in the snow, there was probably 6" on the ground so we were hiking a bit in the Stratton area but it was fun!

I wore a combo of cycling and ski gear, tights and baggies on the bottom with hot chili's and a warm water resistant 2nd layer on the top, the snow was kinda dry. I also had ski gloves, wool socks and warmer shimano trail shoes, the Sidi's are cold even with a shoe cover when hiking in the snow. Put on a beanie under the helmet and I was perfect.