RPL, I'd agree with both @Philreedshikes and @REI-JohnJ regarding your question. Unless you are purchasing an Expedition style parka (which truthfully I'd overheat in quickly walking down the street), layering is your best way to stay warm. My winter set up is very similar, though extremely budget conscious.
Base layer: REI mid-weight base layer (wool), Smartwool 150 weight base layer or Kari Traa base layer. NO cotton.
Mid/Insulating layer: A wool or fleece layer. Think sweaters, turtle necks, half-zip tops. I will occasionally use my REI or Patagonia down sweater (most see this a jacket) alone or with one of the previously mentioned from the list. NO Cotton. This layer is a size bigger than my base layer in most cases so I get a bit of air trapped between it and my base layer.
Top/Wind and Water Resistant Layer: Most often this is not the cheapest, but close to it, rain jacket and pants. It's best if you can afford Gortex lined as it will breathe while keeping you dry.
Feet: A pair of thin synthetic socks (wicking) layered with wool socks does the trick for me. Those thinner socks can even be old dress socks. Over those I put a pair of insulated boots (I have a pair of Vasque backpacking boots or Oboz Bridger B-Dry depending on how cold).
A few other things I've done that fly in the face of fashion, but work is to layer my REI 650 down sweater over my Patagonia 850 down for a double warmth. The key is that they aren't tight over my clothes.
And don't forget a good hat. That helps hold the heat in from the single most place of heat loss on your body.