Santa brought me a wool jacket from the Gap. I can't rave about it enough as a cycling jacket. I got the extra-long, which provides sleeves that still cover my arms when I'm on my bike. It hits at the hip, but that's fine on a bike. I replaced the plastic buttons with some carved horn buttons from a local boutique. The jacket is now perfect.
Tall women - check out the Gap next winter for a normal coat that's good for cycling and that will actually fit!
