I bought this last month and have travelled with it twice. It is the BEST coat I have ever had because it is very light, yet when put completely together can be very warm. The jacket is particularly attractive as well as wind and rain proof. I was travelling between the US and Canada with the changing temperatures and all I needed was this coat.
I am really happy with this recent purchase. It's warmer than I thought it would be. I sized up (normally a medium, bought a large) as I need to wear a jacket in the office, and am glad I did. I think it will work well in all kinds of weather.
I ordered an XS since LLBean usually runs large on me. Almost everything about the size was much better than the other llbean coats/jackets I've tried on, but like other comments, the shoulders are tight - enough that although I don't feel constrained in it, it LOOKS like it's too tight.... Am contemplating returning it for a size S, but the mid-section area would become larger than I'd like (I prefer fitted clothes), making me look bulky, or letting more air in during windy days. I also wish there was a small zip pocket near the upper chest area to store my ipod. I currently use the lower inner pocket on the left to store my ipod while listening to music on the train, but it's a little awkward trying to get to it. The coat is not completely waterproof (will not withstand downpour) but will shed light rain - more than 15 minute of steady rain exposure will result in the material absorbing water - watch out if you're having a snowball fight! that snow ball sitting on your coat will soak through). Finally, zipper definitely catches at the bottom.
Overall, fits my requirement for simple style (ie: not bulky), windblock, and warmth (am surviving Boston winter). I've been wearing a thin cashmere sweater under the coat, with wool scarf and hat, and been fine walking across the Common on the cold evenings (when temps are in the teens). However, I wouldn't get this coat if you're going to sit outside watching a ballgame - will not keep you toasty over long hours of exposure to cold.
I like the versatility of this 3-in-1 coat... I find I am also using the liner under several of my other coats (Such as my H2Off trench coat) for an extra layer of warmth on really cold days. I took the advice of other reviewers and ordered a size up (L) from what I normally would because of the "fitted" description. While it is roomy, I think a medium would be too tight since I want to be able to layer it over a suit jacket when going to work. The color (Black Coffee) and contour seams are very stylish and the liner jacket is nice enough to wear with slacks at the office. I think I will get a lot of wear out of this one!