Well, I think it depends on what you're doing, really, but Schwert, you make a very good case.
I use my Lifa polypropylene simply as a wicking layer. It has next to nothing in the way of warmth, I froze my a** off tonite walking home from work wearing the top.
The whole purpose of a synthetic baselayer is to PASS ON body moisture to the insulation layer (ideally fleece, or fibre pile) where it then moves on to the protection layer, ideally a waterproof/breathable garment such as Ventile or Gore-Tex. It is entirely possible to stay completely dry in a non-breathable garment such as PVC (rubber) rainwear if the proper layering technique is used. This is the whole purpose of synthetic underwear, especially Polypropylene. That is to say:
Synthetic's themselves are plastic, they do not have the ability to 'wick' as cotton and wool do. But, by virtue of the way they are woven, when a human body is working hard, perspiring heavily, it emits out a lot of heat. Synthetic baselayers use this heat to PUSH the moisture away from the body, up towards the other layers, where they then evaporate into the outside air.
If the body is not working hard, there is no heat to move moisture, but because there is no work being done, there is no moisture. As well, synthetics simply do not absorb water. The polymer polypropylene absorbs 0.01% moisture. (Crazy eh?) Polyester absorbs 10% moisture. Compare this to cotton, silk, and wool which can and will absorb 40% water (and more)This makes them heavy, it bogs you down in high-pace activities.
(I asked earlier about how much moisture smartwool absorbs, and I got the answer: "It does take a long time to dry.")
On the negative side, synthetics feel clammy when they are "wicking". Stopping after a high-output activity, your synthetic underwear will feel sticky, but only for a short period of time, a couple minutes at most. As well, they offer little or no insulation value. They have to very thin in order to transfer moisture, so they can't be thick. (But, it is a different case for insulation layers)
Natural's on the other hand, (Well, we all know that using cotton as a baselayer is a surefire way to get hypothermia, so we'll rule out that fabric) such as wool, well....read this thread and decide for yourself!