Depends on how warm/heavy you’re looking to go. Something like a Smartwool merino sport UL would definitely win for breatheability, but wouldn’t be as warm as a puffy or fleece vest.
Look at the Outdoor Research Deviator vest. It uses Polartec Alpha under Pertex on the front side and Polartec Powergrid on the back. I have the hoody (non-vest)) and love it. I’m a big fan of Polartec Alpha.
Arc'teryx Lt Atom vest is worth a look. The polartec side panels give it decent breathability. If that one is too warm for you, they also make a SL (super light) version.
I’m a big fan of Polartec Alpha.
I think I want something slightly heavier than the ultra lite from smart wool. But I need to find it locally to try in person. Maybe it will be spot on. I tried the Patagonia Nano last year and it was a bit too much.
@Analisa - is there such thing is a good breathing fleece?