ORIGINAL: AlaskaMagnum
I hunt in nothing but wool up in Alaska. It will keep you warm when wet. You can usually get some cheaper wool stuff from SierraTradingPost.com. The technowool stuff is very nice, light, and YOU can wash it. Some of the Columbia wool gets pretty bulky.
All wool is heavy, dries slowly, and is not particularly comfortable. Fleece is lighter, less durable, and more comfortable. I think wool cuts the wind better and it is very tough stuff. It also does not stain readily, which comes in handy when you are in the bush for ten days with one change of clothes.
I've hunted a lot and spent a lot of time outside in all seasons including winter in Alaska as well. I used to have plenty of wool clothes, but wear almost nothing but synthetics nowadays. For the exact reasons you mention- lighter and quicker drying. Also, for me, much more comfortable not only in terms of not being itchy, but also more stretchy/flexible for freedom of movement. I can't tell you how many times after two or three weeks in the cold and drizzle, the wool just got damper and damper while synthetics are pretty quick and easy to almost completely dry out.
As for durability - I certainly have old wool pants that have had 20 years of good use. But I also have a couple of synthetic garments that are just as old and used just as hard if not more so. Wool is definitely better around the sparks of a fire though. If I wear wool anymore, I wear wool pants or socks. Everything else is polypro underwear and synthetic garments.