Exactly what I was looking for...
This jacket makes a perfect down jacket which is very lightweight and could feasibly be used as a liner. On it's own it is reasonably warm, and makes a very warm jacket when paired with a sweater. I've been wearing it around comfortably in 20-30 degree weather. I was also worried the Kodiak Blue would be too blue, but it's a beautiful color.
Bought an XS (5'4" and small build) which fits close - aka I don't look like a blimp - but with room for layers. Can be a little bit snug around the arms with layers on. I definitely recommend this for anyone looking for a lighter winter jacket.