The merino is genuinely soft against my skin, no itch at all, and the Intraknit seams sit flat under a jacket. It's thin enough to layer but I stayed warm on a windy ski day.
Wore this on a freezing morning hike and the lightweight merino kept me warm without any bulk under my shell. The stretchy knit moved with me perfectly on steep climbs, and it dried fast after I worked up a sweat. Exactly what I needed for extreme cold.
The merino does keep me warm without overheating on the climb, but the cut runs short in the torso, so it kept riding up under my jacket. Fine as a layer, just wish the fit were a bit longer.