It's fairly warm and wicks ok depending on the shell your using. I wore with both the 2021 Assos Ulatraz jacket (too warm in temps above 32F / 0C) and a much more breathable jacket which was preferable in temps above 32F.
The ultraz mille jacket is ok with a very light base layer from 32F to approx 42F. Above that it doesn't breathe well enough, gets hot, sweaty, then cold. So my preference is this skin layer with a breathable jacket from 35F-50F.
It is itchy if you have dry skin.
I really like the warmth of this product. I'm new to the PNW and this really helps when it's 35 degrees, raining, and high winds. It's a bit itchy, which is my only complaint. I don't notice this when I'm riding. Get rid of the itching you have the perfect cycling base layer.