Tom,
I've read and heard the "keeps you warm when wet" statements, it just doesn't add up in my experience.
If it's slightly damp it may well keep you warm, but if it's wet then not even my 260 weight merino tops provide any insulation at all, to the point where i have removed the merino top and just wore my raincoat with no other layers and found i was noticeably warmer.
I've tried removing merino tops and wringing them out, then putting them on again, no warmth
I've tried different weight of merino, no warmth when wet
I've tried different qualities of merino top, no warmth when wet
I've even tried different mixtures of merino and other fabrics, still they offer no warmth when wet
Think i mentioned this before, but i bought some synthetic long sleeved tops (Nike branded) they're about the same thickness material wise as my 200 weight merino, but they provide a decent amount of warmth even when soaking.
I've been out running and caught out in storms without my rain jacket, i found if the rain isn't pisitively possing it down if i take the top off, wring it out and put it back on again it provides enough insulation to keep me warm down to about 5c (i'm running mind).
There have been a couple of times when it's rained for the first half of my run, but between wringing my top out and my body heat, my top was pretty much dry by the end of the run.
The only good thing i've found with merino is
1/ It lasts a fair while before stinking
2/ It feels better against my skin than some of the synthetic tops i have (100% polyester type)
I've gone the same way with socks, i've given all my wool socks away, i only use cotton or synthetic now (prefer coolmax)