I have always been glad & impressed to see Andy put so much into researching the science of comfort in the outdoors and applying it to Furtech. And there's a lot that's correct about his assessment; wet clothes do conduct heat much faster than dry ones (even synthetic despite the claims) and the key effect of stuff that keeps you warm when wet is that it lets the water out faster than it accumulates to free up the airspaces.
But Andy's numbers compare proportions of dry air & liquid water... not water vapour. It's well known that liquid water is a much better heat conductor than dry air... but what about water vapour & by inference, "wet" air.
I'm sorry to say that I haven't been able to find any evidence - and believe me I've looked over the years - to justify the claim that "wet air" conducts heat faster than "dry air" (at least when we talk about normal temperatures of human existence and not hundreds of degrees C in chemical engineering plants!).
First, my assumptions - we are talking about trapped air in clothing that is either "wet" (high partial pressure of vapour - and probably high relative humidity also) or "dry" (low partial pressure of vapour and probably low RH). We aren't talking about fog, drizzle or any other kind of 'wet' air... just the maritime weather we get in the UK. The reason I say 'probably' is because warm air holds more moisture and can therefore have more absolute moisture vapour but lower RH. Really we don't care too much about this as we are trying to stay warm when it's cold... The point about being trapped is that I am not going to think about whether wet or dry air behaves differently from a free convection point of view.
OK... so here are some numbers that are readily found online:
Thermal conductivity of dry air is about 0.024 (Andy's site gives 0.025 W/(m.K) which is totally fair as it depends on your definitions)
Thermal conductivity of water vapour at standard temp & pressure (298K, sea level) is about 0.0179 W/(m.K)
Neither vary much with the temperatures we deal with in the UK, though both DECREASE as it gets colder. Moreover, air at 100% relative humidity actually holds a very small mass percentage of water vapour (as can be seen from this chart if you can get your head round it ! ).
In basic terms, there's not much water in the air anyway to mess up the basic dry air conductivity (100%rh at 4C means the air holds approximately 0.5% water by mass).
So, if you interpret that information, the more water vapour there is in your dry air, the BETTER it insulates (as the water vapour conducts less well than the dry air). It's a tiny effect in theory because there's not much water to scew the numbers for dry air, and I can't find any proper data as I've said. I've seen similar 'lore' floating around on the internet about how air with higher RH conducts heat faster but I haven't seen any hard science to support it; certainly not at human-habitable temperatures.
I'd invite Andy or anyone else to demonstrate that I've got it wrong, as it seems to go against my intuition about the feeling of cold in damp weather. It's not an area where I claim any expertise and I'd be glad to acknowledge my error if anyone can show me where it lies.