I know the waterfall cardigan is not well received on S&B but there have been loads of waterfall coats and sleeveless coats that I've seen.
No buttons so more a throwaround/wraparound.
More practical than a cape (I never wore mine and ended up putting it into the Charity shop)
Less structured than a proper wool coat
More substantial than a cardigan, I wouldn't get the "Why are you just wearing a cardi " looks in winter.
I'm might try one on tomorrow, just to see if I look lovely or like a yeti.