But the problem is when you dont. Norgie are basically a wearable towel - warm enough when dry, but they do soak up sweat. And if it turns cold, then moisture is right next to your skin. And if it gets soaked, forget it. Cotton t-shirts are fine until the get damp, and then a cool wind hits - then your wearing a wet rag which turns cold very quickly.
The good thing about wicking baselayers is that they do dry relatively quickly, and thus much more comfortable (and safer) to wear. And while old school materials like waxed cotton or oilskin might keep you dry in driving rain, you sweat like hell. I remember a exercise when I was in the ATC where I had the stupid plan of using plastic waterproofs (like the one for cycling) which were rubber lined. After about 2 miles (even on a cool autunm evening) I was soaked from sweat - I possibly actually lost weight inside an hour - they were so like a sweat suit. They got chucked very quickly.
Wicking, breathable stuff in layers works. I love my Jermyn St shirts, but I'm not going hiking in one.