I have an Edge Black foam (old stuff) and a new Edge 2000 Black one side and yellow on the other. I personally use the black after wetsanding because it is much quicker and can handle the higher speeds on the rotary. The yellow just cuts faster on stubborn clear coats.
Wool is always more agressive than foam. White wool pads that are non Edge are typically 100%wool 4 ply twisted i.5 inch pile and cut very well. If you are skilled with a rotary wool is definatly more efficient. Foam however is safer, and cleaner.