Gigi, I do agree that part of the issue with it buttoned is where the waist/button hits (the other issue is the low stance combined with my bustiness -- that combination tends to make jackets pull at the bust/waist, even though they technically fit, because the girls are not locked and loaded).
I'm quite short in the torso, so standard fits in fitted dresses and long jackets frequently have the waist hitting my high hip, which means they bunch up and don't fit right. This jacket has that issue but only very slightly. It's more pronounced in the size 8. But I can't wear a petite size top unless it's sleeveless, and then it's often *too* short in the body, and definitely much too short in the sleeve.
The "button" on this jacket is actually a snap -- it could be moved relatively easily if I wanted to wear it closed. But I almost always wear blazers opened anyway. I also realized after I took the pictures that the model on the Nordstrom site has the sleeves scrunched, which I would be likely to do as well.