I was recently sent a Hoorag - the better bandana - to try out, and while I think it would be more useful in the winter, I found it to have a lot of utility.
The Hoorag is a tube of thin stretchy polyester micro-fiber with holes on both ends. [if you've ever watched Survivor, it's kind of like what they would call a "buff"]. This allows it to be worn in several configurations.
I normally ride with a skullcap or headband because I sweat like it's my job and I'm mostly bald, which means that on a long ride, I get a lot of sweat in my eyes - which can burn. Headgear like this helps to keep that from happening.
So I wore the Skull Daddy print Hoorag (in what I guess they would call Pirate Rag style) on a longer ride and it worked as well as my usual skullcap. It doesn't wick as much as my skullcap does and so it had more sweat in it at the end, but then I can't use the skullcap as a balaclava, face cover or a neck warmer in the winter. It appears to be pretty durable. I was worried that the hole on the other end would annoy me, but I didn't even notice it, and being able to use it as either a headband or a skullcap was nice.
At $16 it might be a bit steep if you think you'll only use it for one task, but if you do a lot of winter riding it might be worth it as a liner for your current gear or standalone outer wear on days when it's not nearly as cold. The price is high, but so is the utility.
Don't believe me? Then you can get one for free - if you'll write your own review of it for the blog. First person to request one in the comments gets it (but you have to pick it up at Washcycle HQ).