As a baselayer, this works well. It's stretchy, comfortable to wear, and does all the merino things you would expect in terms of controlling temperature and avoiding smell.
You're not going to confuse this with a 100% merino layer in terms of sheer comfort, but then it doesn't cost as much or require the same extreme levels of care.
What I would say is that this isn't a standalone t-shirt unless you are in really good shape - I exchanged for a size up, and even then this is clingy all the way down to the waist. Which, again, is great for a base layer but (even though I'm not overweight) I'm about 10,000 crunches from leaving the house without another layer on top of this.