I follow several outdoor sites, some are back packing, some are survival/bushcraft, some camping.

It seems that some folks live and die by a 100% wool blanket, and others never or rarely mention one. The wool blanket crowd will tout that it holds 80% of its heat even when soaking wet.
I can see that my Marmot down bag would not do that, but at the same time why would I let it get soaking wet in the first place??

A Sil Tarp, sleeping bag & pad, combination are, going to weight about the same as a Heavy wool blanket (not an 80/20 nock off), if not less. So where is the great value, or draw back of either??

I'm just trying to get a good fix on the two schools of thought.. What are you guys thoughts??

Even a relatively cheap sleeping bag is superior to a wool blanket. There is no comparison. A down bag is incomparably superior. If you are paying attention, you will not let your down bag become wet. It happened to me exactly once in hundreds of nights spent in tents.

A woo; blanket is very traditional and it is certainly better than nothing.

If you can put up with the slightly greater size and weight, a good synthetic sleeping bag is hard to beat. It will keep you warm like a down bag, but will insulate even when damp like wool.

I just added a synthtic sleeping bag to my office kit. It seems both comfyier and warmer. I keep one of each (synthetic bag and wool blanket) my trunk and take both camping. I always sleep in my bag and put the wool blanket on top for extra warmth. That said, I wear a wool blanket around the campfire and it's nice and toasty in the winter.

How easy it is to keep a down bag dry depends a lot on what sort of climate one is camping in. In dry areas it is easy enough to keep a bag dry. Likewise in very cold cold areas like the arctic or high mountains. In coastal forests, such as one finds in the Pacific NW, BC, and coastal Alaska, keeping dry is a lot more challenging.

In those situations, no matter how carefull one is, over the course of a camping trip gear gets progressively damper and damper. Transitioning from outside the tent wearing wet raingear to getting into the tent always brings in at least a few droplets. Condensation inside the tent is also an issue. Wind blowing rain into the entrance when entering or leaveing the tent can be a real pain. Really strong winds can blow rain up under the fly, and be a serious issue. Snow camping in relatively mild conditons (at or just below freezing) is also a situation where it is hard to keep dry.

For all of the above reasons, I have almost entirely gotten rid of down gear and replaced it with synthetic. Synthetic insulated gear is also generally less expensive, and easier to maintain. Where one can be sure that it won't get wet, down has its virtues. It is lighter weight, and stuffs more compactly than synthetic.

Wool blankets are good insulation, but tend to be heavy. They work OK for in a car kit or other situation where one doesn't need to backpack them.

Synthetic bag, hands down. add a tarp and a pad. Wool is less warm for its weight. Much less.

I've experienced the condensation issue with a down sleeping bag, on a 7 day hike across the Bailey Range in the Olympics, through alot of rain and humidity I picked up probably 4 pounds of condensation in a ~4 lb down bag. And I was definitely sleeping colder at the end of that trip than I was at the beginning, too. Still, the best solution to 'de-condensating' the bag was alot of airing out, and a few overnighters in the much drier and warmer Eastern Washington. I don't think that bag suffered any permanent ill effects, like down clumping or loss of insulation value.

Judging by your avatar, you have an ATV and you camp in northern boreal forests. Wool blankets are OK in milder weather when in apark using cots and a tent, but I would advise a sythetic sleeping bag of the proper size and weight for the expected conditions when in the big woods. Cotton duck cover, flannel lining, and hollo-fill insulation works for me. I do carry a good wool blanket in each of my vehicles for emergencies.

During winter/cold weather hikes/camping,I wear silk for my 1st layer with merino wool socks/gloves,Merino wool or fleece for the 2nd layer,& 3rd usually a Polyester or Nylon shell/pants of some kind,having a wool parka/mittens for back-up stowed in pack.Synthetic mummy bag(hollow-fill) for sleeping under my vulcanized military poncho w/woobie.I used to have a Woods down bag many yrs ago,It got wet twice for the many yrs I used it,I can still recall those 2 trips vividly!As I age,I still have no problem humping 40+lbs as a standard,a small price for comfort-IMHO!If you are wearing wool while sleeping,there is no need for feathers.

I presume that you are referring to Dave Cantebury and his Wilderness Outfitters video's - amongst others?

Wool blankets have their place. Particularly if you are using a fire to keep warm.
Under most circumstances a synthetic sleeping bag of the appropriate rating is the better choice. Except around an open fire, where there is a risk of sparks igniting the bag.
The big issue that I have with the wool blanket idea is that it presumes that ability to make and maintain a fire.

They are also heavy and have a rather high volume to weight ratio. I am sure that most of you have watched the You Tube videos of someone being cold water immersed and then struggling to get and stay warm whilst drying - or trying to - their clothing out. I am sure that one is not the only person who considers it better to put extra clothing in a dry bag? That way if you do have the misfortune to suffer an immersion event, you can strip off the wet clothing and don dry immediatly. Which vastly improves your chances of avoiding a hypothermal event.