One of the best replies to this question comes from the current BOAT US magazine. It's a response to a letter with a question about worms in wood hulls. This answer was provided by one of BOAT US's Tech Team, Don Casey. In the original letter the writer said there were some worm holes in the hull of a boat he was looking at. The guys on the dock said to stay away from a wood hull. The writer of the letter was asking about that.
" The guys have a point. Wooden boats do way better in a cold climate, but there are plenty of wood boats in southern waters. The analogy that appeals to me is the difference between wooden and composite tennis rackets. Both are fine in use, but if you fail to take exacting care of the wooden one when not in use, it commits suicide. The composite one just waits. Hulls are like that. Wood boats are wonderful to sail aboard, quiet and substantial-feeling, but extremely vulnerable to neglect. The question you need to answer is, how much time or money are you Willing to commit to maintenance, and how conscientious are you? If you're the kind of person who sometimes lets things slide, or if you life is so complicated that time is sometimes just unavailable, then you should stay away from a wood boat. Wood boats are never a bargain. Wood-boat ownership has to be a passionate lover affair. As for worms; Painting the bottom carefully every years is typically adequate to prevent or at least severely limit worm attacks. A more durable defense is fiberglass sheathing or coating the bottom with a coal-tar epoxy. "
I think his comments about the type of person who should buy/own a wood boat are probably pretty accurate.