Actually, MicroMesh recently introduced a set of padded pieces for regular materials too, not just the synthetics. If the MicroMesh you have is colored, then it's the synthetic material MicroMesh, which is great for those materials, but I haven't tried it on wood. If the MicroMesh pads you have are shades of grey, then that's the "standard" MicroMesh that most of us (even Frank!) use for woods.
The padded pieces obviate the need for the foam pad (which I keep misplacing). They are also double-sided, so although the pads are small, you're actually getting twice the amount of MicroMesh. You're still getting less total surface area than the 3"x6" sheets will give you, but the trade off may be worth it. The padding helps wick away some of the heat that occurs when sanding, and MicroMesh is notorious for not liking being heated. You can get the bigger pad and sheets and do the same thing, but then you have to keep track of the pad (not a trivial task, at least in my shop). I like the simplicity of it all being in one unit.
Is one more efficient or cost effective than the other? I have no clue. I bought a pack of MicroMesh sheets last year around this time, when I first joined IAP. I've used that same pack all year for all the various wooden pens I created (somewhere in the 30-50 pen range), my cane, plus a bunch of other experiments. It's finally starting to show its age, but that's mostly because I tend to abuse the sheets. I've generated too much heat on more than one occasion, and had the abrasive pull away from the sheet, resulting in a big line of bare backing material on several of my sheets. Had I been smart and cut them into 1" wide strips, I'd probably still be using the same sheets I started with. But, I'm about to switch over to the pad version to give them a try. After my experience with the acrylic pads, I'm looking forward to playing with these.
Hope that helps!