"Interesting. Well I am not sure the "natural oils" on the down of my Feathered Friends bag has ever helped with keeping moisture out of the down. That is, it's effect is zero."
In higher quality goose down, a lot of the oils are washed off. You may want to test this with lower fill quality, cheap, Chinese duck down that isn't as thoroughly washed and still has more of the oils. This stuff will have a stronger smell. Think Walmart Ozark duck down sleeping bag.
I liken it to wool and history of it some. Some of my ancestors, to whom i bear the most resemblance, were the Scottish Highlanders. Their wool was rather different than our modern wool in some ways. Besides tending to be courser, it also tended to have a lot more of the natural oils in same–particularly lanolin. It was noticeably "greasier" wool.
Well, in their damp to wet, cool to cold climate, having this greasy wool was a real benefit, and was one of the primary material means of their survival in this harsh environment. I'd make a wager that naturally greasy wool, would probably dry out faster than modern wool with very little oil in it, but say has a human made DWR coating on the surface.
Most everyone knows that oil and water don't mix well in their normal forms. If a certain amount of the protein structure is actually permeated with oil(s), then it makes sense that not as much water could be absorbed into it at the same time. Problem is, with animals, their bio systems "update" the amounts and levels of oils needed for this effect, but when we use their wool, fur, or feathers/down, it eventually strips out and also becomes rancid.
To some extent, human made DWR's is trying to copy what nature does already, but as far as i know, most if not all human made DWR's, only coat the outer layer/surface of whatever fiber they are put on.
Ironically, some of the synthetic fibers are good at absorbing oils, particularly polypropylene, but are the same ones that need this least or not at all. In their case, it's bad because it contributes to smell and odor buildup and/or can negatively impact a human made DWR (not that PP needs this, it doesn't).