I have both and only break out the 400 when its cold cold. Its pretty heavy weight. About like a hand knit sweater. The 200 is pretty light. You might also check out the new products from First Lite Merino. They have a couple camo patterns and carry a 200 weight 1/4 zip top and 400 weight full zip. I love both the Ulfrotte and First Lite ASAT products and often layer them. Lately with temps in the 20s I've been layering the 200 gram woolpower, 200 gram first light top and 400 gram first lite top under my Day One fleece vest. If it gets windy or I'm sitting a long time, I'll throw on my Day One Wool pullover or a lined fleece coat if its really blowing.
I have never been more comfortable than when wearing the merino wool tops. It beats cotton in the heat as well as the synthetics in the cold. What I really like about the wool is that even when it is damp from sweat or rain/snow, it doesn't FEEL wet. It doesn't cling or get plastered to your skin. Some of the synthetics are so efficient at transporting moisture that they feel cold against the skin. Cotton just sucks no matter when you wear it...unless you are perfectly dry.
I've gotten good deals on Ulfrotte at Midway USA. Duluth Trading Company has a nice light weight set of merino long johns ($45 per piece). First Lite is pricey, but has the benefit of camo patterns (ASAT and Mossy Oak I think) which are hard to find in Merino. All are cut long in the torso or have long tails to remain tucked in. A bit of warning if you are eyeballing the First Light Gila hunting pants. They are cut VERY small and they are resizing them for 2011. I wear a size 38x34 - ordered the corresponding size (XL) and was three inches from being able to button them. Tighter than a tattoo in the thighs as well! Company recommended waiting for the 2011 model to come out. The tops are sized generously however and I had no problems with their fit.