Curious, although its merino and all, why would one spend $200 on a 'sweatshirt' vs. simply purchasing a coat?

It's warm, wind resistant, breathable, and incredibly soft. This is more of a jacket than a sweatshirt and compares well to the polartec jackets I've worn in the $150-$200 range - I would say backcountry goofed when they wrote their own description. I've spent a lot of time in the non-hooded Aspiring fleece and I never want to take it off at the end of the day.

Id say a good reason is for someone that likes all natural material AND the benefits of merino (vs cotton/synth) and likes sheep!? - hence the name "Real"Fleece - its not syntetic or cotton. Since the T-shirts are 60$ it makes sense these are also 3-4x more $$. all the IB products have been great - so being a more casual vs technical piece its a bit of a luxury so put it on the xmas list! But that said - it should last many years style wise being simple and clean cut. Pay to Play! (quality is there for sure!~)

well layering IS a new concept...seriously if you need to ask that I think you missed the point. The product seeme to be close to the Ibex Shak and I wear that "sweatshirt" about half of the 80 days I ski, the other half I am wearing a similar hooded half zip "sweatshirt" and yes these are under a Patagonia Jacket, including one that is insulated...