Is it soft? Yes.
Machine washable? Yes.
Cost effective? Yes.
Am I able to run to the local craft store and get some? Yes.
But some brands and types are quite lovely - Here is the proof:
The pattern is Fern Lace Wrap from the Little Box of Scarves.
The yarn is Red Heart Luster Sheen (100% acrylic) in a fine gauge (26 sts=4", needle size US 5), the color is Ocean and the needles I am using are Lantern Moon #5.
It feels nice and soft and is easy to work with.
It is very difficult to find nice yarns with no wool content (for those of us unable to wear wool), especially difficult in sock and lace weights. So I will continue on my quest for non-wool yarns for whatever project look interesting.
I won't let a little wool stand in my way!