Dried mushrooms are no substitute for fresh, but they are a great product in their own right. Fresh ceps and morels in particular are totally different from their dried counterparts. They both have soft, unctuous textures, a sort of squelchy fleshiness that those who like mushrooms love and others β especially most young people, in my experience β recoil from in horror. In addition, both mushrooms release their distinctive flavours quite slowly and with a degree of subtlety.
A dried mushroom is quite the reverse. The texture, even when well soaked, is rarely less than chewy and is of little interest. The taste, however, is emphatic and concentrated: it is the reverse of its fresh counterpart and launches in with dense, rich flavour from the opening salvo. It is not unknown for chefs to reinforce the flavour of fresh morels by adding an infusion of dried morels. To my mind, this destroys the point and robs you of that lovely moment when the flavour of the fresh mushroom finally resolves itself. It is the classic proverbial sledgehammer to crack a nut: I firmly believe in keeping dried and fresh mushrooms well apart.