Thank you, everyone, for all the feedback! Just to be totally clear, in the instances when I ask for honest feedback, I mean it, and I'm glad that people expressed their opinions here. Sometimes the forum can be great for cheerleading, but that was not what I was after here -- I wanted a critical eye and I got it.
It's not a total surprise that opinions here reflect my own ambivalence about this piece. I wasn't really in a mood yesterday to dive further into this, so I let it sit in the closet. Depending on what projects I get into today, I may take a break and do a little try-on sesh and show my husband to get his input. I truly do think this is one of those items that doesn't photograph easily, like the Clairene jacket Griffin posted above. In looking at the K&A website photos, even the photo of the plaid jacket from the back view on the model is quite voluminous and doesn't exactly make her look small either. But I need to assess whether I will be comfortable *emotionally* in the jacket as well as physically. I know I objectively look better in toppers that are shaped in the waist, as do most very hourglassy women. But very tailored cuts like that lose some of the ease and casual vibe that this type of style has. This is a common theme throughout dressing my body -- for instance, I look much better in tailored dresses with waists rather than shifts (I literally look like a sack of potatoes in a shift dress, it's that bad). But tailored dresses with waists tend to look less casual and more formal, which is not what I am after. So I'm constantly looking for items that bridge that gap and it's not an easy search.
Thanks for your help. I'll update later when I have time to consider further.