I don't think that perspiration in most conditions would render a down bag ineffective. You'd have to be sweating buckets. If you are sweating that much, your bag is waaaaay too hot for the conditions or you're trying to lose weight like my wrestling buddies did in high school.
To be clear, I'm not referring to perspiration in my post as cause for a bag's loss of insulating effectiveness. I mean moisture vapor your body releases.