I love this style sweater so much I designed one! I know this is a shameless plug (tune in today 8pm and tomorrow 6am/12pm EST to see me selling it live in HSN) but seriously it is the best layering piece. It's like a modern version of the traditional cape but easier to wear as it actually covers your arms (and who doesn't want that).
I can't get enough chunky knits (have I said this before)? I love that I can layer this over a tee or another sweater if it's super cold. SO cute with jeans but equally cute over a shift dress or skirt/blouse.