I own the non-hooded version of this jacket in a women's medium. I backpacked with it once--yep, too bulky for backpacking but made a damn lovely pillow when I stuffed it in my sleeping bag's pillow pocket ;) It was March on the WA coast (Ozette) and raining--yep, not for rain but did repel a bit and didn't lose loft, although did cover myself after about 20 min with my rain jacket. Form-fitted, not an over-layering piece.
That being said, I love this jacket for everyday use on cold or windy winter days, but it's for regular use to stay REALLY warm. It is also pretty great to own a jacket that doesn't shed down and feathers and you can't see through the fabric like the Ghost Whisperer, which is also a great jacket but that's your backpacking jacket if you need one (not as warm, though). The bonus for me is that sleeves are long enough without having to order a men's size.