Do you find the thicker wetsuit or wearing extra layers under a suit makes a lot of difference in keeping you warm? For those who dive in cold water temperatures, which is better, a thick well fitting wetsuit or a drysuit? Does putting extra layers on under the drysuit make much difference.
Layers absolutely help, but at some point, all the extra layers just become extra bulk and start to limit your maneuverability. My girlfriend has a lavacore that she swears by. Its light, comfy, and doesn't require extra weight to sink. It also is apparently quite comfortable topside. Personally, all I like to layer is a hooded vest. Hoods are like adding an extra 2mm to your exposure suit - you lose a huge amount of heat through your head! A well fitting wetsuit that limits the amount of water in contact with your body is always better than a loose one, but it does not approach the comfort level of a drysuit.
Personally, if I need more than my 5mm and hood, I would much rather just wear a drysuit. Drysuits can be adjusted to any degree of cold water by changing what undergarments you are wearing. You can layer here, too, but again the limiting factor is how much the bulk affects your movement. There are some pretty advanced undergarments that help limit that, too, like the White's Thermal Fusion undergarment, which is pretty warm on its own. There are many companies that offer modular or layer friendly systems, too. But just to be clear - a drysuit can't be beat for keeping warm, and it's probably the best investment I have made in my diving.
Body heat is lost as it is travels directly through the neoprene. In the case of a wetsuit, heat is also lost by water flushing through the wetsuit. These two methods of heat loss are known respectively as heat loss by conduction and convection. The question is, how do you lose most of your body heat when diving - conduction or convection?
To clarify this a little, body heat is lost as it travels into the water surrounding you - about 20 times faster than it would be lost into surrounding air. The thickness of the neoprene you wear prevents this water from cooling down, which slows the overall process of you cooling too quickly. This is heat loss by conduction, and it is by FAR the way you lose the most heat underwater. If that water is flushed away (by a leak in your suit, or by pulling your neck seal for example), the heat was still technically lost by conduction.
Convection is still important, but plays a much less substantial role in diving. As you are moving through the water, heat moving through the neoprene of your suit is warming the water around the outside of your suit slightly. It's as THIS water is washed away and replaced with new cooler water that you having ongoing loss of heat by convection.
Understanding this also helps understand why a drysuit is so much better at keeping you warm than a wetsuit. Water is a much more efficient conductor of heat than air - about 20 times more effiecient, in fact. If you surround yourself with water, you will eventually become hypothermic - even in warm water, as long as the water is cooler than your core body temperature. In a drysuit, you are essentially creating a barrier of air - a poor conductor of heat - around your body. This allows you to significantly slow conductive heat loss, and greatly enhances your enjoyment of dives in colder temps