Lycra is an amazing clothing fabric for any weather above 55°F. It sheds heat quickly, wicks moisture away, and evaporates that moisture extremely quickly. I recently finished a 12 hour, 190mi ride in 90°F temperatures completely comfortable and dry. I challenge anyone to find a clothing material that can come close to lycra's effectiveness in that regard.
It's also an excellent in the rain, as long as temperature is not a factor. Again, moisture evaporates surprisingly quickly, so as soon as the rain stops, you're dry again.
The only time I wouldn't wear only lycra is during the cold, especially if it's raining as well. I still wear it under more protective clothing, though.