I plan to wear it on the weekend paired with dark jeans or dark corduroys and a collared button-down shirt or a black turtleneck and black boots since I cannot wear it to my ultra-conservative always-business-formal office. If I was working elsewhere, I think it would be appropriate any day of the week if paired with black or other dark-colored trousers and a nice sweater or button-down shirt.
Its original price is $175, but Banana Republic was offering 25% off all purchases for Luxe card members, and I had a coupon for 15% off in-store purchases on any day of my choice (a coupon I received because I am a Luxe member), which made it semi-affordable.
I also found this completely unaffordable Dolce & Gabbana ruffled long-sleeve blouse (which I would call a shirt; pictured right) on eLuxury that would compliment the blazer beautifully. At $399, it's on sale for 60% off . . . but that's still an insane amount of money to pay for a blouse / shirt. It's interesting to ponder the outfit potentials though.