The Outdoor Research Balaclava is designed for use in mountain climbing and cold weather hiking. As of right now Outdoor Research doesn't make any cycling specific products but this particular piece of headgear is not a bad crossover.
The material used for this product is polartech fleece, probably about 8MM thick. Its heat retention capabilities are excellent for even the coldest of rides. But overall its a bit bulky for use under a helmet. You'll have to loosen your helmet straps a bit for this to fit under. The polartech fleece material that makes this hood is great at keeping in the warmth but lacks a bit in wicking. I find that when I am riding I get a lot of sweat running out of the balaclava.
I find the Outdoor Ressearch hood to be extremely comfortable. It doesn't start to itch 15 minutes after you put it on, like so many other products. The 8mm thick material is substantial enough that it doesn't flap in the wind, which limits wind noise and drag. The substantiveness of the material does cause one problem though. This hood strapped on under your helmet can restrict head movement for looking around and the material is bulky enough so that you loose a tiny bit of your periferal vision.
All-in all, the Outdoor Research Balaclava does an excellent job keeping your noggin warm. I would however reserve its use for only the coldest of rides. On more moderate rides, I would use something a little thinner. If Outdoor Research did start to make cycling specific products, they would be the ones to watch.