I have the same experience. It dries quick, is not hot (I was more like in 80's Sierras, though), and is very soft compared to other synthetics I've used. I'll have to say, I've not experienced chaffing under a hip belt in any garment, but maybe I don't have enough cinch on my belt. I like the thumb loops and the fact that the hood buttons up under the chin, it's excellent insect protection for a guy who hates ointments. I say go for it. They make a similar product with a kangaroo pouch that's a fair bit heavier. Equally nice, but be sure we're talking about the one with the chest pocket. It's the only one I'd wear out in the heat.
EDIT: to add YES mosquitoes go right through it, but it's loose enough that they won't get you except where it's tight over skin.