You'll find that a lot of people here will highly recommend Polartec Power Dry High Efficiency grid fleece fabric with polygiene treatment for both baselayers and midlayers. If you've seen regular grid fleece before, there is less fleecy area with the high efficiency stuff and more void/empty space. Most solid materials are much more conductive of heat energy than air, but the trick is to still the air. The high efficiency grid fleece works best with a wind blocking outer layer if you want maximum warmth retention. However, if you need to dump heat and moisture fast, it's easy and quick to do so.
Fishnet stuff like the below also works well in this regard, and the polypropylene ones absorb very, very little moisture.
http://www.shopfest.com/cgi-bin/cart.exe?preadd=action&key=8000M551T&reference=/cgi-bin/cart.exe%3Fsearch%3Daction%26keywords%3DALL%26searchstart%3D18%26template%3DTemplatesBR_search.html
Hard to beat for 5 bucks, but will stink being polypropylene and not having a antimicrobial treatment. I'm working on a home treatment with taking some Ghee and infusing it with clove and rosemary (and possibly other) essential oil and rubbing it into the polypropylene since PP is rather oil absorbent. Clove is one of the most powerful essential oil antimicrobials, and rosemary helps to keep oil from oxidizing and is moderately antimicrobial as well. Might be bad in Grizzly country though!