The top scarf in pevensie's review is identical to the scarf in the 1993 Holiday catalog. It is like the scarf with my 1994-tagged outfit as well. I have a second outfit somewhere, I will have to find it so I can see if they are the same.
The whole outfit (with the exception of the scarf) is very soft. It is snug (not tight) on my PM doll. I am not sure that you could put her flannel underwear underneath. The scarf is a large triangle, held to the light, you can "see" through the fabric. You can wrap it around her shoulders and pin or tuck the ends in place, they are not long enough to tie. The point comes below her rear when the scarf is worn this way. I loved the outfit the minute I saw it (way, way back in the day), and consider it worth the money. I wouldn't pay an obscene amount (it retailed for $22 originally), but if you can find one under $50 and can afford it, go for it!