Insulated. Where I live, it's really damn cold. I also hate it when you're layered up and they're all seated weirdly on you, then they start pulling annoyingly when you try to move. It feels like wearing a straight jacket. In a warmer climate I definitely understand the benefits of a good technical layering setup though.
Ironically, I'm rocking shell pants this season. Didn't like the look and fit of anything else Orage made this year besides their Belmont. Plus it's just a tougher pant that can take some abuse, and I'll be rocking crash shorts underneath. I still got my old insulated pants for the colder days if needed.