This is an absolute must if you ride on spring and autumn days when temperatures are in the 40s. It breathes from behind and protects against wind from the front. A high neck is also important. I'm 5ft 11" 170lbs and I have both a medium and large, the large is a bit big with long sleeves and the medium fits snug but is difficult to take off afterwards. In general, if you think you'll end up somewhere in between, go a size down rather than a size up, as the tighter the better the aerodynamics. And yes, I would think the medium would be suitable for racing, having raced in Chicago in early spring and letting go of a bulky, heavy coat. If it's over 50 and it's sunny outside, it's probably overkill and you can get a thinner version with a regular neck.