The Showers Pass Crospoint Knit gloves are relatively inexpensive, thin and light, breathe very well, and provide a surprising amount of insulation. Everybody is different, but my hands stay warm into the high 40's for 2 hours. No glove is water proof but the Crosspoint Knit do resist the rain well. The outside of the gloves soaked through, but my hands stayed bone dry after 35 minutes in steady, hard rain.
These gloves are surprisingly good. They are actually waterproof. I have done some very long and wet rides and my hands never got cold or waterlogged. The outside of the glove will get wet obviously, but if worn correctly, with the rain jacket sleeve over the glove cuff, water wont wick into the inside. The inside of the glove will get damp from sweat which cant be avoided, but they dont fill up with water like other supposed waterproof gloves. The grips on the outside of the gloves works great and despite not having any padding, they are very comfortable on long rides. The dexterity with these gloves is amazing and they are warmer than other gloves of similiar bulk. Their only downside is they dont work with touch screens unless they are a little damp and they are a little difficult take on and off easily. Also, keep them away from Velcro, it sticks to them like glue.
I've used these for wet weather commutes (4.5 miles one-way) and they've worked very well. My hands stay dry and warm, and the gloves dry off enough during the day that they're set for the ride home. It's because they work so well for these frequent rides that I'll hang onto them.
However, I wore them for a longer (30 mile) ride on a rainy November day in OR and it was, unfortunately, a different story. It was a ride that started in a consistent drizzle and increase to a proper hard rain. The gloves worked as I had come to expect for the first 20-30 minutes of the ride. After that, all 3 layers of the gloves became saturated and they felt like typical wet gloves. My hands didn't get cold, but it was also a warmer than average day for November. I was disappointed once I got home to find that my hands were wet and pruned and the gloves were thoroughly soaked.
I'll trust them for wet short rides or longer rides with light precipitation. For anything more than that, though, they don't live up to their billing as waterproof.