I have a couple of Theory jackets from 2007/2008 and have worn them frequently in a variety of work environments -- mine have worn like iron.
IME the weight would be ideal for SoCal/warmer climates and I wear mine with lightweight knit skirts like the one below without feeling a disconnect.
RE FIT:
I love the slim fit through shoulder and arm but depending on how your bra fitting goes you may have to watch for fit through the bust...it's a tad snug on me there when buttoned, but as I'm not in a strict business environment I don't have to button.
My Gabe B is from 2008 and the jacket's hem does angle up (see jeans photo) -- which I like but you may have to watch in terms of where your waistband hits if they are still cutting that way (they do meander with details). Given my body shape I do tend to wear more with skirts so it's not an issue.
I've found it easy to add a little funk with color (and I'm sure you/others could add a lot of funk!) or go more mainstream business by staying with neutrals.
That blue is a great color...depending on what you think you'd pair it with, I'd explore that shade for sure!
Photos 1-2: Gabe B in 2008
Photos 3-4 Still going strong last year -- lining + buttons etc + another frequent, lightweight partner to the jacket these days
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