I bought the large Black with the LL Bean vest. The jacket is actually a charcoal, but nice color and goes well with vest. Sleeves are a nice length and the Large is perfect for me. I'm 5'7" and 145 with fairly long arms and med/long torso. Medium would have been okay too, but I like sleeves to come to my knuckles when my arms are down and my wrist when they are raised. The fleece is pretty thin. I've only washed once, but no problems so far. The arm pocket is small, but perfect even for my small mp3 player.
Bought this for a light, quick drying warm layer for an upcoming Florida trip, but I have been wearing it around the house because it is so soft and cuddly. Love the color (Pacific blue), which is a dark sapphire, and the pockets. My only complaint is that I had to buy a large, which is oversized on me, to have the arms and body not be too short, a common problem for me with LL Bean women's tops.