I have just bought one, I think it's stylish . I wanted a very thin cagoule type thing with a hood that could stash away in my bag but I didn't want to look as though I was on a geography filed trip - it is for city/smart use.
I found mine in Harvey Nicks, by Donna Karan. It's mid thigh with ties at the waist that can pull in and make a shape open or closed and a decent zip. the hood, also with ties, tucks away and zips up. It's very lightweight and a lovely very thin, almost sheer material, matte black colour. I've worn it several times already so the cost per wear is already pretty good.
As far as cagoules go, it has been well cut with some thought to shape and drape etc. the original price was £230 but it was very VERY reduced, still a bit more than I was expecting to pay but it was a long searched for item, been after a smart cagoule for yonks.
Get thee to London Harvey Nicks and have a rummage, it was like TKMax on the first day of sales.
Can't believe I'm waxing lyrical over a cagoule, but I was very happy to find it and glad I'm not the only one