I bought this for my girlfriend. She's 5'10" and about 140 lbs. The medium fit perfectly. The overall length and sleeve length were perfect, and we were able to cinch the waist tight enough to fit her correctly.
It's a well made jacket, and looks great. I got her the white one, and she loves it. The zip out liner is nice and has full arms. A lot of them I've seen are only a vest liner. She gets cold pretty easily, but even on cool nights this jacket keeps her warm enough.
I'd definitely recommend this jacket to the ladies.