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I'm sure there's others that have many more years with holsters than I do to come along and answer this... but I never had a problem with horsehide. All of the Kramer holsters I had were horsehide because everything I had read about the materials pointed towards it being better. Over the years I used them, they barely broke down to that "broken in" type feel of leather, they always seemed stiff like I had just gotten them.
I did still notice some moisture, but I sweat and it is Texas. I never compared horsehide to cowhide as far as the moisture build up, but I did have issues with the grip frame screws rusting on my Sigs, never had any rust on parts that mattered though. In the end they're both leather and would be more prone to moisture build up than kydex. With kydex, you'd just have to wipe it out and be good to go, the material itself wouldn't retain it.
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