ORIGINAL: Antler Eater
Wool can absorb 30% of its weight in moisture and not feel damp. Itstill helps to retain a certain amount of body heat under those conditions, something that very few if any synthetics can achieve. However it can get heavy when totally saturated so if you are hiking in the high country this is something to consider.
I have an all wool outfit that I used to use and still do occasionally use for rifle hunting (dark green, not camo). As mentioned above the insulation properties when wet are the huge benefit, I spent many days in Vermont's late season hunting in temps well below 0 with this outfit and it is the warmest in my closet. It is expensive though and a PITA to wash. I may be looking for a nice wool jacket of some sort in an open pattern for this year if I don't tag out in the early season.