I got my first pair of wool socks this fall: Smartwool, and I love them. I went back to REI to get a thicker pair after my feet were cold on a 21 mile 28 deg F ride, and found a guy buying up their stock of REI wool socks. He liked the SmartWool socks, but thinks the REI wool are even softer. Both are Merino wool, but the REI were 40% less money. I tried them and loved them so much that I also tried the REI Merino wool base layer. Again, about 40% less than Smartwool.

Now, I haven't tried a Smartwool baselayer yet to compare, but this is not the wool I grew up with. With the socks I thought they were more comfortable than cotton. With the tops & bottoms, they are not as soft as cotton (or the wool socks), but not itchy either. I rode for 4 1/2 hrs on Sunday and didn't have to take off or add to my layers even though the temp. fluctuated by 20 degrees over the course of the ride. I wore Merino wool socks, baselayer bottoms & zip-T top w/ a pair of cycling trouser shorts overtop and temps went from 45 to 65 degrees. (Admittedly a bit chilly at 45 deg until our first hill).

bmike, what's the midweight layer made of that you put on inbetween the wool base and your shell? I wore a fleece pullover the other day (@ just below freezing temps) and it was too warm and way too smelly...