The pants are much warmer then my trew pants, but not as warm as my insulated orage pants. The last two days skiing I did not wear base layer bottoms, just impact shorts and I was pretty warm. Yesterday it was dumping snow here in slc.
The jacket is defintely just a shell, but yesterday I was just wearing a base layer and a tall t under it and I was more than warm, and even had the pit zips open until the sun started to go down.
Hope that helps...