I also find it itchy, as I reported in my post on What to Do? Scarf yarn choices. Very bad idea to use mohair for something to be wrapped around your neck.
I also like the look, so have been looking around for alternatives. Good quality angora does not make me itch (like the Peter Rabbit yarn in the same post), and I'm also looking at brushed merino yarn, like Crystal Palace Frappe or Crystal Palace Merino Stripes.