My 4.5 month old son gets a bath every morning. I do not submerse him, really, but I put him in his empty tub on the bathroom counter and I use a cup to pour tepid water over him to rinse him off. I use a tiny bit of Aveeno wash on him then rinse immediately. I pay close attention to his hands and diaper area, as well as his many folds, because let's face it, at 21 pounds he has MANY.
I figure he has his hands in his mouth all day long, his face gets covered with drool/breastmilk, and his diaper area gets covered with excrement. I don't think there's any way that a simple wet wipe really does the job thoroughly ten times a day.
That said, my son has never had a patch of dry skin. I suppose I would be willing to live with a bit more baby grime if his skin was getting dry.