I picked this up @ Old Navy ($15 dollars!) and I'm in love. Its their T shirt dress. I tried it on in gray and white stripes, heather gray, etc and black was the final decision. It may look too short and too sheer on the hanger; but try it on and its surprisingly conservative - but ultimately chic. Its cool (not only the lightweight factor) and effortless, can be dressed up, can be dressed down, and is my new staple.
Very Kirsten Dunst - dontcha think?