I have two sets of riding gear that I use depending on what kind of riding.
Communting I wear kevlar lined jeans for most of the year. When it gets cold (below 40) I pull on a pair of ski pants. Jacket is a mesh in summer and leather in winter. If the leather isn't enough then I put on a sweater or fleece lined sweatshirt under the jacket. All of this works fine for a 30-40min commute at temps down in the teens. FWIW, when it gets really cold my feet are the limiting factor, even with insulated boots.
For trips I have Tourmaster mesh pants. They come with rain and thermal liners but I don't use them. If it is cold I put on thermal underwear, the pants and then my rain suit. This works for temps down in the 30's for extended riding. The jacket is a mesh one. Again, when cold, I put on a fleece lined sweatshirt and over the top my rain gear.
Another alternative I considered for riding to work is a snowmobile suit. I used one of those in the past and it was great. Almost waterproof and good for temps near zero. Worn over kevlar jeans and it is a cheap alternative to the Aerostich for winter riding.
The bulky look is just something you have to live with when it is really cold. Unless you get heated gear. If I were to ride long distances in the cold I would get a set. I will be getting some heated gloves soon. Heated grips are nice but don't cut it for longer (over 1 hr) riding.