Tony: Another great post. For the guys that hunt, and don't know yet if they want to spend the $$ on dedicated ice fishing clothes, the clothes that you'd be wearing while hunting in cold. damp weather will do. Gore-Tex, etc. I gave up on buying outdoor coats without hoods and I find they are great for keeping the wind off the back of your neck.
Not enough can be said for waterproof knees. That's the part that will get wet first.
I have a couple of pairs of wool/thinsulate mittens where the mitten part flips up and they transform to fingerless gloves (but the thumb is still covered). I also have a pair or two of really thin glove liners that have what looks like silver thread sewn in the fabric. Supposed to reflect heat back to your hand. I love 'em, but have no idea where to get them now.