Description from Knitty.com:
Mesilla (the sweater) is knit in the round, and constructed in the
traditional "top-down-raglan" style.
It also incorporates two front darts, and is shaped at the center back. The picot edgings are formed by simply working a row containing lots of yarn overs, and folding the hem at that row. All of the edgings are knit right onto the garment, except for the neckline trim, which is picked up later.