8:56 p.m. on November 9, 2007 (EST)
Patagucci, er, I mean, Patagonia has a short comparison of the pluses and minuses of merino wool vs their Capilene (probably the best synthetic available). While Pata is expensive, I have found their price to be well worth it. And it is stylish for girlish figures (and for the ripped males, the men's versions are stylish for manly figures as well - not that this applies to anyone here, it just keeps us warm).
http://www.patagonia.com/web/us/product/shop/pbl_shop_landing.jsp?OPTION=PBL_LANDING
One thing on this page to note is that "performance base layers" (the current jargon for plain old longies) comes in different weights, depending on temperature and your activity level. For example, when backcountry skiing or ice climbing down to 10F, I wear the lightest longies. While crawling my way up the gentle slopes in -40F weather with winds blowing, I wear "expedition weight" longies under my insulating and windproof layers. So choose by considering both your activity level and the conditions.
Merino wool has a lot of advantages over poly, mainly warmth for weight and for some of the older versions of poly, more smell suppression (nothing is completely odorfree). Poly has the advantage of wicking better, so you stay drier during vigorous exercise (like during a cross country ski race, running in winter, or slogging uphill with a heavy pack). The newest versions are as odor-free as Merino.
Note the the wool mentioned is Merino wool. There is a big difference in wools, with Merino, as kutenay and rexim mentioned, being the only type that is really suitable for outdoor activities. There is also a big difference in quality between brands. Merino sheep used to be only found in a very small part of the world, but now they are grown in most wool-producing countries. Take a good look at what you are getting, where it is made, and the quality level. I have seen merino wool longies that were just plain junk (and at a high price, too).
To retain that shapeliness, it is probably necessary to get a merino/synthetic blend (Lycra blended in helps keep the elasticity). I have one merino top that stretched like an old home-made sweater, knit by someone just learning what a knitting needle was. My Pata tops have lasted just fine.
For a lot of my climbs, I use Capilene and other good synthetics, because of the wicking qualities. I don't have to worry too much on the climbs about staying warm, except for the clothing retaining moisture, which causes a lot of loss of heat. Since poly wicks better than wool (even merino), synth is the choice there. I have found that merino can retain a fair amount of moisture, and like all wool, takes a lot of time to dry out after a hard day of hauling loads up through an ice fall.
So consider your particular usage before choosing. Or better, if you can pack the weight, take both for different stages of the trip.