The wool against the skin is smooth, cool, clean and there without being slinky (think modal, silk, etc.) but not too much there (think the thickness or loft of cotton). I am completely sold on the wool.
The banding, on the other hand, was a little less than perfect, and gave a somewhat restricted feeling to the panties, but that might be necessary to keep the wool just right. The drawback is that there is a slight panty line under most fabrics thinner than jeans fabric.