Excellent jacket. Bought it at the beginning of the winter and couldn't be more pleased with its performance. The construction is top notch and so far durability is strong. When skiing I went "through" a 1.5 inch branch with my chest. At the time only the wool was matted down from the friction of the branch rubbing across and a bit of sap, but even without cleaning I can't see the spot where it happened and no fibers are loose. Has the best zippers I've come across. Might not seem like much, but just remember how annoying they are when they don't work.
The wool sheds water like an umbrella. If out long enough in rain, it would soak through, but for shorter trips it will keep you dry. I've had snow built up over the entire jacket, even the heavy wet kind, and when stepping into a warm area and letting it melt off, a quick brush with your hand will get rid of the excess moisture with none of it soaking in.
For fit, it is on the smaller size. I am 6' 1" and around 165 lbs and I got a medium. I can fit a couple of thinner base layers with no issue. It does a great job at keeping you warm, so you really don't need to layer much.
When you put it on new, it will feel snug, but it breaks in quickly. It is sized for athletic builds in mind, so take that into consideration. I personally like close fitting clothing, but in terms of function, with this jacket it is best to have a snugger fit. It helps keep out wind since there are no draw strings (besides the hood) to snug up open ends. For snow sports, it keeps the snow from ending up on the inside of the jacket. The only time I've had snow inside is when taking a high speed fall where my legs are downhill from me. Skiing through deep powder is no problem.
Only complaint would be the cuffs (they fixed the cuffs, check update). They are great for keeping you covered when wearing gloves, but the material used holds it's elasticity for maybe a week or two. A bit annoying when it starts bunching up when you put a glove on, but overall it doesn't detract from the jacket as a whole.
Update: A small hole formed on a seam at the armpit. I returned the lacked (lifetime warranty) and they replaced it with a new one (bonus is I got the red I wanted the first time around). Same jacket, but they updated the cuffs with a more spandex material so it doesn't stretch out of shape.