If used as a first layer, it's very good.  I dinged it a couple stars because the weather I used it in was at a football game in the low 40s.  The breeze was very slight and I wore a cap over it and I felt a tinge of cool. The other ding is that my ears hurt from being bent I guess.  Odd I didn't realize they were bent.  My neck was nice and toasty and that was huge. I'll try it again next year but I'll wear a stocking cap over it.