I have to confess that I dismissed that one when I purchased the one I have simply becuase it does not come in flourensent yellow and I am a great believer in being seen on my bike in bad weather (along with lights).
I went with this one
http://www.wiggle.co.uk/dhb-ladies-signal-jacket/ the DHB ladies signal jacket. Its OK. the cut is not ideal fro me, but I don't really have a women's fit and it is not lined, but I would never consider wearing a fleece under any waterproof whilst cycling, no matter how cold it gets (and I have cycled in -15C).
You state you get hot when cycling - so do I. my winter cycling set up in mininal and relies on my putting warmer clothing on as I cool down at the other end. In -15C I was actually only wearing 2 very thin merino wool tops and a waterproof (to deal with wind chill). perhaps if you get hot whilst cycling, you may need to consider sometthing similar and work on the "you will be cold for the first 10-15 minutes" principle.
I have also purchased a flourscent yellow water resistant top which is ultralight and packs to tiny. It is surprisingly waterproof - though I would not consider it on a day like today, but it keeps the chill off and I can use it with 1 thin top and be very warm.
http://www.ultralightoutdoorgear.co.uk/montane_womens_featherlite_velo_jacket.html There are no pit zips in it but I am usually only using it for wind proof/light shower proof and don't wear much underneath it. Its pouch that it goes into is really small and is designed to hang off the back of your saddle. Montane also do a waterproof version as well...
http://www.ultralightoutdoorgear.co.uk/montane_womens_featherlite_velo_h2o_jacket.html but I have not tried it.