It's a peacoat with a twist! I'm partial to Anthropologie's styling, but I think it looks like enormous fun to wear. It isn't classic, but is sounds like you wouldn't be happy in a JCrew classic that you could wear for a decade, as long as it fit.
As for the cost, Anthropologie starts high, but it is discounted by more than 50%, so it's a deal relative to the original price. Will buying it put a big hole in your budget? Preclude you from buying other things?
If you can afford it, and you really love it, then it's worth it.
BTW, clothes from Anthropologie hold their value. You could resell it in a few seasons and while you probably won't recoup your investment, you could get money out of it after enjoying it and wearing it for a while.
My 2 cents.
