Last one! See, I wasn't kidding that I'm having size issues ;)
The smaller size is fitted on the shoulders and through the arms (not as useful for layering, but the knit makes it possible), and somewhat fitted through the body. The larger size has extra room on the shoulders (the shoulder seam drops past the edge of my arms) as well as through the arms, and is loose through the body. Both sizes can be comfortably zipped up, and both sizes are comfortable since they're a soft knit. I like the pattern placement on the smaller size a LOT better (more white in the front!). Shown here over a fine-gauge turtleneck sweater; since it's not lined I probably would wear more in spring/summer over lighter tops, and this is about as thick as I'd go.
Photos #1, 2: smaller size
Photos #3-5: larger size
Which size looks better to you gals? Thanks in advance for the input!