Thanks for the input so far. re: merino and it's cost, I'd rather be broke than cold/miserable. Also, learned awhile back to buy quality gear and keep it for awhile vs wanting to upgrade.
Take advantage of the NZD being in the toilet and buy their Merino to save a few bucks and get a top notch product. I made quite a few purchases from AUS and NZ over the last year and saved a bundle.
It is THE base layer to have, in almost all weather conditions. It keeps you warm in the winter and comfortable when it's cool or even mild.
I wear Merino socks year 'round and have no problems with sweating in my boots or my feet getting hot. I have -30 Arctic wool socks that I use hammock camping into the teens with a Merino base layer on to sleep in and I am warm in a 30*F bag.
For outerwear, I use a heavy fleece, also from NZ. The pants and a jacket were not cheap, but it certainly pays to buy quality gear that I will have for the rest of my life. They are warm, robust and naturally water repellant without chemicals.
I purchased a Merino hat (beanie) and Merino glove liners as well and they have both been fantastic. If the Merino hat bothers you. get a fleece hat from
http://www.themouseworks.com/rolled-beanie-hat.htm
I will be moving to waxed and/or oiled outwear over the next year and ditching all of my synthetics with the exception of the NZ fleece purchased less than a year ago.
Stay away from Gore-Tex in sub freezing temperatures. The moisture will collect on the inside of the jacket, the Gore-Tex pores will freeze and clog and you will have a layer of cold moisture on the inside of your jacket. Merino wicks moisture away, even when wet and cold.
Cheers