One other major advantage of wool is that it lasts a _long_ time compared to cotton. I've got a few pairs of wool socks that get worn once a week and are at least 5 years old. Cotton doesn't hold up nearly as well. I also find that wool sweaters don't need washing nearly as frequently as cotton ones do. And none of this addresses wool's superior wicking properties that make it so much better at dealing with both cold and warm weather (cycling jerseys were wool until good synthetics came along).

Of course, I still have no interest in wearing a wool t-shirt or underwear or sheets...

Why not? I'm wearing a merino t-shirt (with a wool sweater on top because it's 5 degrees outside) as I write this and it's the most comfortable thing I've ever worn - even in summer, albeit not in 90 degree weather, when microfiber polyester's probably the best, because it dries quickly. The weave on this t-shirt is so fine it takes the same time to dry as cotton, and doesn't have to be washed as often. The same qualities apply to wool underwear.