Unfortunately, that was where the infatuation ended. The pictures below largely speak for themselves. I'll lay out the pros and cons, briefly.
Pros: Good idea, as stated above. Pockets.
Cons: Poor materials (sad cotton twill, not the stiff smooth high quality cotton of the icon trench); no lining (that piece of gingham is a bait and switch); no storm flap in the back, resulting in a horrid line-backer look. Untidy execution; deadish khaki colour, compounded by the sad fabric. Oversized for a petite, size 0/XS frame.
The cape wings out and is too long. One would think that the XS would be proportionately shorter, but it doesn't feel that way. The belt design is a bit irritating, though the belt is well tethered (thankfully). I wanted to get rid of the belt, so I could just cloak the cape around me and avoid looking like a perfectly-trussed-up-bat. Unfortunately, this is impossible. As the photos show, removing the belt makes it hang even less flatteringly. There's just too much fabric, in the end. It looks wannabe, not classic with a twist.
Final verdict: I am just unimpressed and a bit let down. In the days not so long ago, this quality level would only be the factory version of a much higher quality retail piece. I think the retail price is closer to being fair for the quality - especially for where it will end up on sale. I'm just glad that I hoarded all the excellent JCrew stuff and my instinct that it needed to be hoarded was right. Being right, however, is only sweet sorrow. I will be returning this item on my next trip to the store.