At some point I stumbled onto a blog post where some woman was showing off her successful version of this sweater from the winter 08 issue of Vogue Knitting:
And she went on and on about how well it fit and what a good job she did with her perfect two handed stranding technique and perfect gauge and how wonderful in general it turned out. I thought it was an amazing sweater and I'd just had a good experience knitting in the round, so I had to try. This is what I ended up with:
It's droopy, far too long, far too big around, etc etc. This is Lopi Lite yarn, which you'd think would felt if you looked at it, but this sweater steadfastly refuses to shrink. I've never seen anything like it. I'm quite disgusted and am done with hand knitting. Man I love my knitting machines.
Update: The oils in the wool were preventing felting. Adding a little soap to the felting water solved the problem. I was able to felt the body without disturbing the sleeves by putting that part into a dishpan, leaving the sleeves spilling over the sides. The body shrunk enough to lose about 3 inches of length and a lot of girth, resulting in a much more satisfactory fit. I ripped out the hand sewn zipper and put in a shorter one using the sewing machine.
