Hmm. If I were knitting that, I'd start top-down with the collar and then let the arms flow out from there. Maybe I'd add an invisible cast on from the middle of the neck if I wanted more coverage in back. Looking at the pic again, more coverage is not a goal.

I think you could do the same in crochet if you used FPDC and BPDC to make the ribbing.

That exact photo was one of the inspirations for the design I did for the CGOA called "Pullover Shrug". You can see a photo here: http://www.crochet.com/patterns/patternline.html#PulloverShrug

It's a simple pattern. You can basically make a rectangle with a big "buttonhole" in the center for the neck opening. Then seam the sleeves together under the arm, and work rows around the neck opening to build up a cowl (turtleneck).

A yarn with lycra, in the crochet rib st, would probably give you the look that you like of the knitted one. The one I did was in a drapy silk yarn so it doesn't hug the body so much.

Hope this helps.
You make me want to make another one even though they don't look that great on me!

Me again. I've been thinking about it. The one I described above was also inspired by another one of a similar style but the links to it are dead now.
The one you want to make has no fabric in the front at all, almost as if someone made raglan sleeves and joined them with a collar.
So if I tried to crochet something just like it, I don't think I'd do a rectangle with a neck opening in the center. I think I'd start with a foundation chain (foundation stitches would be even better--see the tips section on this) and join the foundation row into a circle that can go over my head. Then I'd crochet around it without increasing to make the turtleneck tube. For a sleeve I'd attach the yarn to the free loops of a foundation stitch, and crochet across a few of the stitches, turn, and keep working in rows, increasing the sts in each row so that the sleeve covers my shoulder and can be seamed under my arm.
Yarn with lycra in it would be my first choice.

Wow! Thank you so much!
Your "pullover shrug" actually looks really good! I just might try to do the big triangle shrug first, and try the turtleneck one after. Although, I already have a million projects on the go, and I want them all to be done by X-mas, including the shrug... And I'm busy with work, university and my 20month old girl... Crochet keeps me sane. I'd like to think so, anyway!
So, I'll let you know how the project comes along. The yarn I planned on using doesn't have any lycra, but is quite stretch anyway. For the sleeves, I was thinking of doing some ribing that runs along the arms, not perpendicular. Same for neck, actually. But if I work in rounds, I don't know how to do that kind of ribbing. That's why I was thinking about making a big rectangle for the neck, that I would then seamstitch in the back, and then making the sleeves by working armpit to wrist, making the shorter rows first, and increase progressively for the shoulder, and decrease again, then seamstitch the shorter rows to make the sleeve "tubes". After the sleeves are attached to the neck, I would run a finishing stitch around the armpits, and along the front and back or the base of the neck.
Do you reckon that would work??
Thanks!!!