I ran into all of this over this past summer. Had 4 cord green cut/split dropped in Feb, got 2 cords up around May/June, didn't get the rest stacked til August. Wettest summer in years. Sat on the ground, with the barn roof dumping runoff right on it, and very little sun, for a long time - lotsa mushrooms and mold. Now it's all up and dried out nicely. still too "heavy" to burn, but it'll be ok. I could burn it if I hadda. But it was bought on the anticipation that it would be 2010-2011 wood.
So once the shed was done, I had 4 more cords c/s/d ordered - fella said "it's been sitting a year and a half." I got home to a tiny (0.7 cord) pile that stank to high heaven - you could tell it'd just been split. Awful stuff. When he brought the next truckload (an actual cord this time) I confronted him. Still stunk, and he admitted it was in log form for a year+ but just split in the last few weeks. I reminded him how I had very meticulously asked his wife - three times - how long it had been sitting since split. Kinda started sinking in, but this chump was so far out of his league in the game, I just paid him, canceled the future delivery, and sent him on his way.
So then I got hold of a real seller - a guy with better'n half a brain. he had 8-9 month split, plus photos of the pile, plus said "I won't drop it til you check it out and you're happy with it." One glance told me the wood was good - had spent a lot of time in the sun, the pile had been moved around a bit. no stink, mostly de-barked, all gray and checked... stacking this wood next to everything else in my shed - it was obviously much better wood. Nice "klink" even in the pouring rain. 4 expensive cords later, the shed is fully stocked.
Technically it should be too green, but it's the best I've got. I've been burning it exclusively and it really is pretty decent. Lights right up like no tomorrow. will run past 400F stovetop / 1000+ flue gas temps easily. I throw the occasional BioBrick in with it, just to really boost the firebox temps and burn out any unwanted nasties. Worked last year and it's cheap insurance + better heat, so whatta I have to lose, right?
and as for bark holding moisture - i had a big pile raked near the shed. all the extra bark that was in and amongst all 10 cords that were dropped over the year. A few leaves in there, but 90% bark. I moved it out this weekend. damned if it wasn't dripping, soaking wet right down to the very bottom of the pile. Completely sponge-tastic. I'm avoiding bark at all costs now. No sense throwing wet blankets into my fire...