This pattern accompanies the Fashion Framework article on Waterfall Cardigans.
The Catalina Cardigan is an open-front cardigan with full-width crew neck fronts (in the waterfall style), with mirrored Faux Entrelac panels at the front edges and shoulders, and long set-in sleeves.
Designed for hip length, the sweater is worked from the top down for another reason: a top-down approach gives you a lot more flexibility in deciding the length of your garment. You could easily just keep knitting and make it tunic length if you have some extra yarn. Or you could go for a more cropped silhouette. The sleeves are also worked top down and seamed.
The sweater is finished with a narrow rib at the neck and bottom to mimic the ribbed edge of the Faux Entrelac panel. The cardigan can also be worn closed in the front with a shawl pin.