I thought I'd add my take on the "warm when wet" thing since I wore wool on Saturday on a whitewater rafting trip (the Dryway on the Deerfield River in western MA). I was wearing an Icebreaker short-sleeve tee under a long-sleeved Icebreaker midweight crew, and the water was chilly (unfortunately I don't know the temp). The air temps were probably in the upper 50s at the beginning and then got into the mid to upper 60s later when the sun came out. I was in the front of the raft and therefore got pretty well soaked, and I was never cold (if anything, a bit warm as the air temp rose) except for one point where we pulled over to shore for a snack, there was a breeze and we were in the shade, and even then I only felt slightly chilly when standing still. The wet wool definitely didn't have that clammy feeling that cotton gets and didn't seem to cling nearly as much either. Overall, I think it's great stuff for wet conditions, the only disadvantage is that it takes longer to dry than some synthetics.