Fashion: Pantone's Palace Blue

This week's Pantone color is Palace Blue. Pantone describes this color as:

Palace Blue, a favorite among designers this season, takes a steadfast, classic, spring navy-like tone and makes it sparkle. Paired with just about any color in the report, it offers many intriguing spring combinations.

I really like this shade of blue. I'm pretty sure that this cardigan is a pretty close match to Palace Blue. I agree with Pantone that this color can go with pretty much any color in the Spring Color Report, and would probably go with most colors in general. I am not a color expert by any means, but I don't really see anything "navy-like" in this color, unless they mean the Navy. I do think this color would brighten up any outfit, whether it's as a focus piece or an accessory.

What do you think? Do you like Palace Blue? Do you own any pieces in this color? What other colors would you pair it with?