Late to this thread.
FWIW as a skinny diabetic I get cold pretty easily.
As a frugal person I tend to eschew the most expensive gear.
Like BounceSwoosh, I don't like too many layers that constrict the joints (knees, elbows, shoulders).
My current set up is Ibex Woolies 2, 3/4 length bottoms as a base layer, and Outdoor Research Igneo pants (lightly insulated). If I really need more warmth I can use a Woolies 1 bottom as a base and the Woolies 2 as a mid layer, or an old old old old pair of REI Powerstretch fleece bottoms as a mid layer with the Woolies 2 as a base.
Fortunately this year I have not needed anything other than the Woolies 2 with the Igneo pants.
For tops, I've been doing pretty much the same thing. Ibex Woolies 1, with Woolies 2, then down puffy, then shell. Warmer days I leave out the Woolies 1.
Should I mention my Outdoor Research Lucent heated mittens, or start a different thread? My one investment in pricy-ish gear.