What it is, is a high quality, lightweight insulating layer that's suitable for knocking around in, or taking up a small area in a pack for when it's needed. And when that time comes, it does the job nicely. Size med. fits my 5'-11"/145lb body just right that I can get a Polartec 300 fleece layer under. Someone else my size would probably be able to make do with a small, but I wanted something to throw on after a day of hiking/skiing to a campsite. The collar doesn't cut off oxygen, nor let in cold air. Nice inside pockets suitable for bottle(s) and Cliff Bars from freezing aren't usually mentioned, but there's one on each side. It's a great value considering the price & the quality of construction & materials. I wouldn't hesitate to depend on it at -10F with a decent shell and some R1 fleece underneath.
For a lightweight insulating layer, at even $50-$75 more, that'd be a keeper.

If I'd bought this 20 yrs ago, I wouldn't have all the other layers I've collected over that time that are now obsolete. For anytime other than summer, this is THE layer you want against your flesh. The comfort is unlike any material I've ever worn, and it does a great job of keeping you warm & dry. The hood is much appreciated for when you need it, and get's out of the way quickly when you don't, without the hastle of having to pack it away somewhere. I'd have no qualms of wearing this for several days straight if backpacking. At 5'-11"/145 lbs, I opted for a small, and it's perfect for me. The hood & neck is snug, but not to the point of being uncomfortable. The one zippered chest pocket is good for keeping a Cliff bar or two from freezing. I may never get used to the off-set zipper up top, but it wouldn't keep me from buying another. Quality is typical of Patagonia - none better.