mirrorfinishman- I'll back up what the others are saying. *GOOD* MFs really are better than cotton. I used to use (cut and reserged) Charismas and some "egyptian cotton" towels too. I was actually sorta surprised that the MF towels were better. But the cheaper ones are a different story...only use the good ones.
One problem I've encountered is cotton toweling getting "stiff" over time. I wash my towels in a good washer with liquid detergent and filtered and softened water, but it can still happen. This isn't NEARLY as much of a problem with MF; it usually isn't a problem at all. But if this isn't a factor for you, then you might consider some functional differences I've noticed. Note, of course, that the following based on *MY* experience, YMMV.
WWs- I've tried a number of things for drying, and I'll still sometimes use the Charismas for some jobs (like blowing water out of seams where there might be residual dirt that comes along with it- the dirt gets caught in the long nap of the towel), but the WW towels just work the best. Better than cotton (hold more water, no wringing), the Absorber, the Water Bandit, Griot's synthetic chamois, natural chamois, better than anything I've ever tried. The cotton towels work fine (if they're soft enough not to micro-mar), especially if you have enough of them, but sometimes they'll leave lint. The others I mentioned never get ALL the water off the surface; the WWs do. And the gray WWs are softer than cotton, no cutting action that I can discern, no micromarring (even under magnification).
Plush MFs- These work better for me than cotton for removing products like polishes and waxes, and are MILDER for applying such products. Sometimes there's no NEED for improvement; a perfectly clean, soft, cotton towel will do the job just fine (unless the paint is especially soft). But when faced with a product that either doesn't want to release from the surface, or that tends to smear, the MF works MUCH easier and more effectively than cotton.
As I'm sure you know, even soft cotton can have a mild "cutting action", Meguiar's #7 (non-abrasive) used with a cotton applicator *WILL* slightly abrade old-style lacquer, for instance (and generally, this is a good thing- "hand rubbed" lacquer and all that). But if you try it with MF, there is *NO* abrasive action. The MF's nap really is softer than the loops of cotton toweling. Sometimes this matters, sometimes it doesn't. Sometimes you WANT the cotton's cutting action. But *I* generally prefer using the MF, and thus taking this variable out of the equation.
Suede-style MFs- I use these for cleaning glass (no lint, good at removing filmy contaminants) and for removing thin synthetic sealants. Some people feel Klasse SG, for instance, is hard to remove; with the suede-style MFs *I* find it comes right off. Products like BFII and P UPP that can be tempermental (smearing, etc.) likewise come right off with these towels.
MF bonnets- The good ones are available in suede-style (from CMA and TOL) and "regular" (Meguiar's). In my experience, NOTHING removes last step products as quickly, easily, and uniformly as these bonnets on a random orbital buffer.
Cheaper MF bonnets, such as those from VIPER, are not soft enough for me, but others like them.
Natural fiber MFs- I've only used my CBT once, but it seemed to be everything my plush MFs were. I honestly can't say it's better, but I get the feeling I'd notice something positive if I were using it on something like black lacquer. Other Autopians, whose opinions I've learned to respect, have used these on black cars and reported even LESS micro-marring than they got from plush MFs. This might not be an issue for most people, but for some of us it is.
Like you, I've been doing this for a long time. I first "detailed" cars (as opposed to washed/waxed them) in the mid-'70s. I thought that the RIGHT cotton towels were THE thing to use until I tried some GOOD MFs. It's just like applicators- remember when foam applicators were a new thing? Every now and then a technological advancement really IS funtionally better. MF towels are one of those cases.