In reply to Martin1978:
Plenty of good advice there, especially regarding synthetics for high intensity activity and merino for lower intensity.
I've used the helly merino base layers quite a lot and I don't think you'd overheat, unless you were wearing too many layers to start with. I've used them walking and running in the autumn and springtime and they've been fine. It's a shame they don't do a short sleeve version in the active fit for summer wear. They're also a lot more durable than other merino base layers as the merino is woven into the lifa. imo it's a good compromise and allows you to wear merino for higher intensity activities.
I'm not a massive fan of the meco, I find them quite thin and fragile, the labels peel off quite quickly, the bobble up and I find them quite cold to wear. Having said that they don't smell and they dry a lot faster than merino, so it's a good option for higher intensity activity.
As everyone else has said, you can't beat poly tops like lifa for wicking and fast drying but they do have that cold feeling in my opinion. Merino tops do soak up and hold moisture however they feel warmer when wet, provided they're not saturated. Apparently due to the hydrophilic core of the fibers holding the moisture while the outer hydrophobic part of the fiber stays dry, which is the bit that touches your skin.
Whatever base layer you wear if it gets damp it will feel cold, synthetics will get less wet but feel colder when damp, merino will feel warmer when damp but will get wetter and hold on to it longer.
My own two penneth worth - I really like the Helly hansen hybrid top, although they've changed it now, some improvements some not. It's basically as it suggests, merino in places and synthetic in places. Very thin synthetic material under the pits and the old one had probably the best designed fabric on the back I've ever used, then merino everywhere else. Extra long in the back and long arms with good cuffs and thump loops, I think the new one has an extra long roll over zip up neck. Eventually the synthetic areas get smelly but the merino still seems to counter this and it'll stay fresh enough for a week away. This is my go to winter garment every time and i'll replace it when it dies, although it's a real shame they changed the fabric on the back.