I agree, Tahr.
Wearing a woolen garment as an outer layer in wet/windy conditions is plain stupid - but you'd get the exact same results using the synthetic equivalent (fleece). Neither will protect you against the wind.
Wool (or fleece) can be worn as an outer garment in cold/wet conditions...but as soon as the wind gets going, you'll want a parka or poncho over the top to stop the wind cutting through.
As far as wool holding water and gaining weight - that's what you trade for the extra durability and warmth. Synthetics, while lighter and quicker drying, simply won't last as long with heavy use.
Pick your poison based on your intended use. Neither is right or wrong.
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