Knee length!  I'm 5'5 and this hit my knees right in the middle.  I'm also of an age where my knees don't need to show - and shouldn't :).  I'm also 160 lbs, bought the Large and the fit is perfect.  The material is good - not too heavy at all - although I'd prefer an even lighter material.  I'll get quite a bit of wear out of this so happy with the purchase.  It also arrived much more quickly than I expected - about 2 days.