My wife and I BOTH got one of these and we're both very happy with it. It's very well put together and VERY good against the chill. I didn't even realize when I ordered that it was lined. We took a ride when it was in the upper 40's and we both were very comfortable.
Is it cold? Get this! This will block the air and keep you toasty warm. Seriously. Jacket and Helmit leather pants and nothing else out there keeps your neck warm. All the neckwear out there pale in comparison to this simple silution. It's Leather!
Will keep the cold off a lot better than a plain bandana for sure. The fleece lining is relatively comfy but the leather doesn't allow for much form-fitting around your nose. You're going to need something else in addition to keep your ears warm.