I also recently bought the Velez Adventure Light smock. I've been using it for hillwalking and I've found it's ideal over a long-sleeved baselayer and a thin micro-fleece gilet. There are a couple of design "features" that I was initially unhappy about but have since come to appreciate;
The sleeves are very baggy. This is hardly aerodynamic and they flap about in the wind. However, it means they can be rolled up when the temperature is appropriate without cutting off circulation to your hands.
The hood is folded into the overly baggy collar. However, the collar acts as a great neck-warmer when fastened all the way up.
The side zips are great for putting your hands in to keep warm.
The chest pocket is easily large enough for an OS map.
It's quite a short cut. For walking, I would ideally have it a bit longer. Be good for cycling though - and it is a little longer at the back.
I've not tried riding in it yet but I reckon it would be good in spring/autumn with just a baselayer underneath. Too warm for summer use though.
Bear in mind that the "Moss" colour does not have the reflective piping.