I've always thought that the positive attributes of 200w fleece were breathability/moisture transfer and performance in wet weather. If soaked, you have a chance at getting it wrung out and dried. You can wear fleece alone or with a wind or rain shell. Comfy to sleep in too. It works great in conditions above freezing where you have high cold humidity, with added perspiration from exertion--- exactly what I experience in shoulder and winter conditions in the Pacific Northwest at lower altitudes, say 45F, 95% humidity, intermittent rain, no direct sun, and steep rough trails. A fleece vest or sweater will keep a cold shell off your base layer, transfer moisture, and trap some warm air.
With down or polyester fill, you can certainly get more loft, but you carry two layers of shell in the the deal and that encapsulation makes it much harder to dry in the field. You have a prayer of drying polyester fill and need to pray if you get the down wet.
Odd how everyone will reach for a fleece beanie, but want some skinny fluffy layer when they are also carrying a windshirt. A hight loft fleece plus windshirt equals or exceeds something like a Thermawrap or Nano Puff in breathability, warmth, durability, drying in the field, cost, and versatility. It will keep you going in conditions that will turn a thin down garment into an expensive useless lump. If you tear a fleece, it won't leak it's innards and can be easily stitched up. It will weigh a bit more and won't compress well for storage.
Move below freezing and high dry climates and down becomes much more useful.