I'm 5'11", have a 35" sleeve, and the sleeves on this shirt reach almost to my pinky fingernails with my arms hanging at my side. It's a little loose in the torso, even around my abdomen which is larger than I'd like. I probably should have gone with an XL, but according to the size chart XXL was what I needed. It fits better when worn over a silkweight polypro top, and is very comfortable. I haven't had a chance to use it in temps much below 30F, but with just this shirt and a hardshell I've been warm and dry. I'll give it a good workout as soon as we get enough snow for snowshoeing.
01-01-12 - Wore this shirt alone while out hiking today. Temp was low 40s, it was breezy and damp from melting snow, and we were hiking near a river and cedar bog. While hiking I didn't once feel hot or overheated, and never felt any sweat on myself either. When stopped I had just the slightest chill, almost unnoticeable, which is the way I like it anyway. So this shirt performs just as advertised, keeping me warm and dry in temps that I'm guessing were lower than Stoic envisioned it being worn as the only layer. The sleeves are still too long and loose, but I can deal with it. I'll be buying more of these, both as gifts and to upgrade my gear from the old military polypro I've been using for the past 15 years or so. Gonna have moms make thumbholes for it, too.