3/2 time in Northern New England. Water in upper 40's. No hood. 3mm gloves, 5mm boots.
Went 3/2 hoodless with 3mm Drylock boots and 1.5mm spring gloves. Could feel the difference when I skipped...err...stepped into liquid but that was just the feeling between the neoprene and the water. As for the little that got down the neck or limbs of the X-Zip2, didn't feel that in the least since it was quickly warmed by the body and warming up 49F water probably takes a lot less time for the body than even 41F.
Stepped into the 4/3 (Hyperflex, so really it's a 3.5) today, kept the 5mil boots and gloves. It was nice until I got tired and then pretty cold... but I was surfing on an empty stomach for four hours. Sick sesh though, beyond lucky....
Money is stupid loose right now in tech world. It's sorta like late 90s, now with apple and google buying up ****. The whole thing is so stupid..but then again so is your average dude, so it may be a great idea. Google is like the mob, they just walk up to some start up make them an offer they cannot refuse and then shelf the whole thing. What do you think goPro is worth? That guy now probably buy islands just for his surfing parties.
Anyway, I have not had hood on for awhile. Starting 4/3 and booties are debatable (though useful). When in doubt, go for sweating.