Bought this for really cold weather in Northern Nevada two months ago, haven't needed it more than three times so far this season.  Modern tech materials seem to work as advertised okay, good fit with light layers [merino wool] really best for me at temps under 35F.  Good wind resistance and in one light rain water beaded and ran off, jacket kept me dry over a one hour walk. Hood is not huge but fits over a ball cap, is not insulated but has an inner and outer layer, and removes easily from jacket which I like, sleeves are snug at cuff and up to armpit, sleeve and body length is right for my torso.  Zippers seem very good, first item I check because of poor quality zips/channels I've seen on other garments.

Jacket photograph on model seems accurate, cut for me is slim, not 'athletic' IMO, but not a loose fit either.  I don't think the sleeves are cut for bulked up arms.

I'm tired of black or blue jackets, my wife was shocked I bought the red color, but I decided it was a safety color for winter!
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Update 10 May 2013
Got some good use of this jacket in February and March.  On walks I never got wet thru the jacket from snow melting on my shoulders.  For me the pit zips with mesh backing were very useful in not overheating once I learned to open them partially before leaving home because they were awkward to open while on the move if fully closed.  I even found the snow skirt useful when swirling winds blow strong down from the Sierra.  This is not a bulky jacket and I always had full and easy movement of my arm motions.  Well worth the price for my use, and now the Cubist 2.0 is going into storage until cold weather returns.