when I started fishing the chehalis, yarn ties were my favorite lure especially once it got light out. I know my dad's fav steelhead presentation is a jensen egg and tuft of wool and winter steel loves his gooeybob with wool...definiely a legitimate lure.
BUT
It is also one of the most abused lures too. There is no doubt in my mind that lots of fishers on the vedder who use wool are simply flossing the fish. You can see it in their drifts, the lengths of their leaders, the gobs of wool that hang off the hook, their skeens left lieing on the beach (thanks very much)...wool is definitely an abused "lure".
With the way the last 3 summers have gone (no socks), I wish DFO would simply ban flossing outright. The level of degridation flossing creates to our rivers (all the line, weights and snags), the degridation to the level of sportmsmanship (there is nothing sporting about snagging a fish), and the degridation to fishing experience (people willing to stand 3 feet down stream from you....all these reasons make me think its time for a change.