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As fulldraw mentioned above, it depends on where and how you're using it. Down collapses when it's wet and loses all insulation, but it weighs less. Synthetic will still insulate when wet, but it weighs more and doesn't compress as much as down.
So in addition to how/where, it also comes down to how you prioritize. If you're an ounce counter, or are looking for absolute maximum compressability, then down gets the nod, regardless of how wet it is.
For me, I live and hunt in a maritime rainforest, so "wet" is the norm here. I only use synthetic. I have down bags and they are awesome, but when I'm out and I can't worry about stuff getting wet, synthetic makes it's extra weight worth it. That goes for bags or puffy coats and pants.
As for treated down...I'm sure it works fine, but I'm not a fan of anything that has to be treated or protected to work; treated down, or "waterproof" down bags and jackets. I just carry synthetic and (not if) when it gets wet, I've still got some warmth.
I am with Ryan.
I run down bags exclusively because they are typically lighter and more compressible. I just take care not to get them wet. This has not been too much of a challenge.
One of my biggest concerns is are you down bag guys able to dry out wet clothes in your bag at night.
I prefer synthetic.
I'd get into reasoning but I'd just sound like another crazy synthetic toting guy who's scared to get down wet. Other than the wetness I like the durability and ease of cleaning that comes with synthetic.
Would you take your ul down bag out on a hillside littered with cactus, sharp prairie grass and rocks and feel comfortable not having to baby it?
Again I'm not saying down is bad. In fact I drool over the weights and compressibility of some of those bags. I just can't bring myself to buy one again.