Recently bought this balaclava for Winter riding and it's doing its job keeping the cold to a minimum. I've ridden with it in single digit temps and my neck and face are toasty. My only complaint is not having much protection on the back of my neck area where it can get drafty on windy days and that's where a neck gaiter comes in handy. Would have made sense just include it in one gear piece.
This balaclava is a bit warmer than my Bontrager balaclava, but it's not as form-fitting. There's a lot of excess material in the Castelli, which causes more skin exposure around the face hole. So I get a really cold spot right above my glasses when riding into the wind. That said, the rest is very warm thanks to the Gore Windstopper material.
Not all balaclavas are made alike. This Castelli model has windstopper that allows it to be thin but also protective. The fit is snug as it should be and very easy to move the face covering up and down even with lobster style gloves. I can't imagine a better solution to frigid riding conditions.
Does a great job keeping the head and face warm, but I find that the material over the nose and mouth to be a bit thick. Makes breathing more labored and forces exhaled air up to escape via the eye opening, fogging my glasses immediately. Usually had to pull the lower part down under my chin for most of the ride (kind of defeating the purpose) and only bringing it up for faster descents.