I'd go XL irregardless (BUT YOU SHOULD WEAR A VEST)...loose and easy is far better then tight and binding. I'm 5' 9" athletic cut 165lbs 33 waist and wear large HMK jackets and pullovers. The arms are always a bit long but you just tighten the wrist straps and they blouse a little. I wear them over my protective vest. EXCELLENT EXCELLENT APPAREL! LOVE HMK GEAR! We are in the heart of KLIM country here but many many of my friends (I have a shocking amount of friends too!) are branching out into HMK because of my HMK connection and they are all universally impressed with their apparel.
I've been product testing the new men's 09 HMK Ascent Pants this season. Very impressed with fit, feel, warmth, and dry performance. Loved the Stealth line last season and these pants are just as good if not just a bit better (little heavier fabric style and some minor improvements in amenities...PLUS LOOK VERY COOL) CHECK THEM OUT IF YOU GET A CHANCE.