My understanding has always been that merino doesn’t wick as well as synthetic, but does keep you warmer. Consequently it’s not as good as synthetic next to the skin on high-exertion activities in colder weather when you need moisture transported away quickly (such as biking), especially if you’re stopping a lot and subject to windchill as your body temp drops (and consequently have slow-drying, damp wool sitting against your skin).
However, as a mid-layer I think it’s great for that reason – it holds heat when damp, breaths well and wicks.
100% agree on the sock thing as well, Merino all the way for all except the height of summer.
+1. Always wear merino socks through the winter – warm when wet.
On a sidenote, the On-One wool/Coolmax tops are my go-to tops unless it’s very warm or I’m doing an exercise similar to the above. I find the merino warm and fine as a base in cooler weather, while the coolmax on the back wicks well and doesn’t chill while moving.