Bought this for a boarding trip to Colorado and it happily fit my 154 board, size 8 boots, and boarding jacket and pants. I could have fit more gear inside like my helmet but I was paranoid of the weight limit for Southwest. The padded shoulder strap does wonders since this thing is a pain lugging around the airport but it's still better then shelling out more for a wheeled bag.
I'm 5'-5", 130-140 lbs and the Small fits nice just like the TWC is supposed to. Jacket graphics are super nice and its not bulky at all! Wrist gaiters are a bonus as well. Note that the media pocket can be accessed without unzipping your jacket (velcro seam) which is cool. Can't wait to take it out on the slopes!