It is an awesome plant! It will tolerate drier soils, but prefers moisture, and, like Joyce says, will not tolerate waterlogged soil. It loves low areas of meadows at the edge of woods, but is very adaptable in the garden. A smaller version that I love is the cultivar 'Little Joe'. I grow it in fairly dry soil by the edge of my pond, and it tops out at about 3-4 feet, with full sized bllom heads. And the butterflies LOVE it. Highly recommended!!!
Steve