Thanks for the heads up -- I was out running errands today after seeing this thread, so I stopped by REI and tried this jacket on -- it's a very nice jacket. To me, the sleeves felt long; almost like it was meant for cycling (even though it's supposed to be a runner's jacket). But I don't think they were excessively long.
In the store, this was at the regular price -- not on sale. The sales person I talked to said they had been on sale but the sale ended Labor Day -- so this web price may not last for long.
Great jacket at this price.