Soft and comfortable merino, as you'd expect from Icebreaker. Waist is surprisingly large. I am a 30 or 31 waist and have to pull the drawstrings very far to get the Small to fit right. It's a roomy cut overall, but the waist is a bit much. Still, for lounging they'll be very comfortable and warm. They look enough like pants, rather than sweatpants, to wear out and around, but stuff might fall out of the pockets. If they were cut a little slimmer, I'd easily give them 5 stars.