I've only used wool in one place, as pavers for the junction on the treetop canopy bridge going from Olde Towne out to the beach.
Consideration for future "upgrades" seems important.
I thought that I read somewhere that torches might be changed to Lanterns at some point. Not sure where that note was now, but it sounds like in that case Notch will grandfather all existing torches into being lanterns instead of killing them off.
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