Ann Taylor LOFT had an extra 30% off sale items recently and I ordered a couple jackets that were still available in XXSP (I can't resist sales!). I wasn't expecting too much because their jackets are usually small enough that I always want to try on, but only to find that they run slightly too big and hence, shapeless and not flattering.
One of the items I got was this Ruched Collar Casual Jacket in XXSP:
It looked promising because of the waist ruching, which I hoped would make it fit better.... and I think it did! The khaki color wasn't available anymore, so I got it in the coastal fog, which is a darkish grey:
The ruched collar can be worn up or down:
The amount of waist-ruching is adjustable by re-tying the knots in front, which solves my biggest problems with too-large jackets... the barrel side-view and gaping back-flap.
All in all, not too shabby for a $30 casual jacket? Unfortunately it's out of stock online, but LOFT is having 50% off sale items in-store right now so you can probably get it for even cheaper!