I'm with Kim - I wear wool a lot of the time. My favorite brands are Icebreaker and SmartWool, both really do a good job with multiple weights and types. I've found that nothing is as comfortable under the waterproof layer as wool. I us mid-weight long underwear that is usually designed for skiing and just put multiple layers on as it gets colder. With two or three layers, I'm good to about 15 deg F.
For the exterior waterproof layer I'm with Orestes, close fitting dinghy stuff is best for day racing and for cruising I wear big bulky foul weather gear with heaps of pockets provided I'm wearing an inflatable harness/pfd. If I'm trying to get stuff done on deck, I wear a old school life jacket (swiftwater rescue vest from Mustang) and then a fouly jacket is too bulky.
When it's warm, Cament (sp?) short pants with the pads in the butt are great. In the warm stuff I wear old dress shirts with the sleeves rolled down and buttoned and the color rolled up to keep the sun off. A used man's dress shirt is dirt cheap at Goodwill ($2) and is good for about one ocean race. White shirts seem to have a SPF of about 15 or so, they let more sunlight through than you might think
On my head I wear a Tilly hat as too many friends are having bits of skin burned off that have been cooked by the sun and have taken on a life of their own growing in weird ways.
I hate plastic clothing for exactly the reason Mr. Orestes cites - it stinks! There is almost nothing as smelly as a boat on a race to Mexico about two days out when everyone takes off their 48 hour worn plastic foulies down below - YIKES!!!
BV