I'm 5ft 7in, 140lbs and bought a small one. I was a bit skeptical because of the reviews but I'm glad I bought it. Yes, it's a bit big, which is great! I put on a sweatshirt underneath and felt very warm. I wish it had ribbed cuffs but it was still a good price and it was still warm. I used it to climb the highest mountain in Southern California and it was 29 degrees and possibly colder the closer we got to the top. I had no problems, the side zip closure made it convenient. The hood is a bit weird and yes that's what they meant when they said it was too big. I wouldn't zip it up and close it completely because otherwise you won't see anything.
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