It has been seen both on the streets and on the catwalk, most recently in the A/W13 DKNY show.
DKNY A/W13 (photos from style.com)
I particularly love the black/grey/white contrasts and different jacket lengths as shown above with the cropped jacket paired with a blazer at DKNY. I think a classic coat such as a pea coat or trench coat and a blazer underneath is the best way to work this trend but I've seen great casual versions the trend such as on this off-duty model below, who looks great with a shearling coat and simple hoodie:
I have work experience in a few weeks where I will be required to dress smartly so I'll use that as an excuse to pair my new Zara blazer with my coat. If I did it for lectures it would probably look a little too smart amongst the sea of hoodies...
All from Topshop