I've actually worn this as a base layer on several Winter hikes in the White Mountains of New Hampshire in above treeline conditions, and it's definitely earned my trust. It breathes well, too - on many trips, I could get away with only this and a light breathable shell for both gentle and heavy activities. I haven't had any warmer occasions to use this yet, but I'm guessing a lighter weight would probably be more appropriate in those cases. The fit is definitely more on the athletic side - if you're looking for something more casual or roomy, this probably won't be it.
Very warm, I now wear it every time I ski.
The merino wool is soft, comfortable and durable. The structure fits perfectly on the body and also looks good just as daily wear!