The ION Jacket Zeusman put up is great for after paddling. It is a little bulky for paddling. I had it on over a wetsuit top last weekend between heats at the SPSC event and it kept me toasty warm.
In winter I use the Adrenalin Thermo shields. They're available as pants, short sleeve or long sleeve tops and they come in a variety of colours. The yellow is great for off shore down winding.
If you look at most of DJs downwind vids he's usually wearing one. They're warm and don't seem to hold water.
PT Woody wears tights in winter in Vic but we're about attracting people to the sport up here rather than scaring them away. You can pretty much paddle in board shorts all year round in Sydney.