We have Palms muck (Peat) here in Northern Indiana.  Some is wet, some is drained decent depending on the elevation and the water table.  One thing about it, many times you never know if it's wet or not until you venture onto it.  Corn is relatively easy to raise on it and can be a lifesaver in a drought year, but suffers in a really wet year.  Beans will have Manganese problems, but you can correct that with foliar applications.  If you have Giant Ragweed problems, watch out; they really thrive in that soil, as does yellow nutsedge.