I read an article on formal wear one time on the web (can't seem to find it anymore,) that said that a formal waist coat should never hang below the jacket. It showed as an example a picture of Prince Phillip, the Queen and George W. Bush when the Queen came to visit last, Prince Phillip's coat was longer than his waist coat and deemed proper. However, and very surprising George W. Bush's coat was shorter by about a half inch than his waist coat and was deemed as very inappropriate! Who knew?