I totally agree re the amount of dust that wetsanding doesn't create. When I dry sanded between coats, it was more like a wipe to remove little imperfections.
And Steve C - I think you could go the satin route and then polish it up to a gloss, but I don't think it would be any easier than it would be to go full gloss anyway.
And I'm not sure how glossy the final result would be vs a full-gloss job.