I don't think that I have a read a single review from the perspective of someone with a small frame so I wanted to share my experience as it seems to have different from all the ladies with a fuller frame that have shared so far.
I am 5'3" and weight 117 lbs. I carry most of my weight at the hips, and I'm quite flat chested.
I ordered the black sweater in Small. I found the pattern to be nice and in my case the color is as depicted which I LOVE! As for the size, well, I know that depending on the brand I run between XS - M -you know how that goes. Considering that we are going with lose in this style I thought S would be fine but for my frame it was a little too much. It fits ok around my hips but the fabric does not fall as I thought it would from what I saw in the picture so it is even baggier at the torso and arms than expected. Also, the neck, is as described, with a lose turtleneck style which is bigger than what it would look like, and the seem at the neck is a little thick, but is not noticeable if you wear your hair down. On the other side, as this sweater is acrylic it stays VERY nice and warm. Also, because of the lose style I have easily tried layers underneath it and I can still put on thick coat on top. When the sweater is put into the right ensemble it looks good. Perfect for the cold winter days. That in itself has made this purchase worth it.