Yes, I remember Debbie Bliss touting in her books how the Cashmerino was a "luxury mix" of wool, cashmere and microfiber. Weeeeelllll, ok. I guess. But I really don't think she's fooling anyone. Microfiber is simply another name for "not natural fiber".
It's a decent yarn, not worth the price, as another poster pointed out, though I am knitting a baby sweater with it right now, to be honest. And yes, it's a bit splitty, which bites. But overall, it's a nice yarn.
Malabrigo's feel is quite wonderful, and I like it for baby items especially. Especially since it's pure wool, and I get a bit picky about only allowing pure cotton or wool next to a baby's skin in the early months. Excellent yardage, I agree, and quite decent price. For those of you who don't like the pilling factor, check out Malabrigo's new chunky yarn. It's a plied yarn with gorgeous colorways, good yardage compared to other chunky yarns and holds up beautifully.
As for yarns that don't meet certain expectations after you've heard so much about them, I can sympathize. I had heard that everyone LOVED Socks That Rock. Everyone. People rhapsodize about it, croon songs about it, and get only long waiting lists for the STR Sock Club. Me? I took a look at it a LYS, and just couldn't get all excited about the yarn. The colorways didn't impress me at all. And I'm eager to be impressed when it comes to wool.
Now, Claudia Handpainted Sock Yarn, on the other hand ..... oy, that stuff is to die for, and I have the credit card receipts and attendant stash to prove it!