It is noticeably lighter to pick up and thinner than the "normal" Paramo. It comes with a hood that rolls down into the collar and when that is done up closely round my neck it keeps the heat in nicely.
As for comparing with cycle-specific stuff, I assume you mean the plasticky, not-very-breathable stuff. I think it is better than that for breathability, and is warmer. You may not want "warmer" but when I get warm, I take it off......
Also it lasts for ever cos you wash the waterproofing back into it now and again. I am not sure there is a good answer to what we had on Saturday morning after the Beacon. But I was warmish and pretty dry inside the Paramo, so i'm happy with that. If it had been wamer, I'd have been pretty much too warm, i suspect. But when it rains, it's usually cold as well......
One answer would be the £9 cycle cape from Argos, which I also have, but it is not much good in a headwind, or as on saturday morning, a head-gale.
But it's great with a tailwind......