I DO wear pants: right now, I'm wearing the Marmot hiking pants with the half-zip cuffs (a useless feature, since you still can't get them off without taking off your shoes, and you don't NEED them unzipped to get them off over bare feet. The important part, if your like me and aren't into the "tights" look, is the articulated knees and a form-fitting leg, not a loose fit that will get caught in your chain like a lot of hiking pants are... Below 25°F I'll add a base-layer under the pants (which is essentially tights) but I don't like the way they bind against my knees as I pedal, so I only wear them if I need them.
Similar to the previous response, I start to sweat after about 15 minutes of riding, and so far I haven't found a good way to mitigate that... The best I can come up with is, I start off dressed for full conditions: top base layer, shirt, micro fleece pull over or vest (depending on conditions), down jacket, water proof shell with helmet compatible hood. The pants don't matter so much because my legs can go a lot colder than my core, hands, and feet can for some reason. After my internal furnace is fired up, I stop and remove some layers... Quickly as possible so I don't cool off too much. It's really important not to let the down get wet in case you need to stop long enough that you'll lose your heat, in which case you'll want to put it back on... You don't want it to be soggy or even frozen when you NEED to put it on.
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