Only trouble with wool peacoats is that they don't like to get wet, and they need to be drycleaned. I wear my dad's airforce peacoat, and it's awesome and warm, and there's an odd stylishness to having rank insignia on your sleeves. A great conversation starter.
Unfortunately, it's knee-length, and VERY heavy. For everyday to work I wear a nice leather jacket.
For all-weather, I have a nice ski jacket--it's light, waterproof, warm, inexpensive ($50 or so).