I just learned this so I'll reply...it HAS been deleted. It's completely sold out at Lord and Taylor, nationwide. I saw it today in my local Coach store (had to ask though) and saw it at Macy's as well. Nordstrom has it, as does Bloomie's. But yeah it's not listed on the Coach site anymore.
On a semi-related note, I finally made my decision! I decided on the Madison hobo. I tried both on in the Coach store and while the Phoebe is adorable and I like the more structured look (compared to the hobo at least), the compartments really bothered me. Yes, I did notice the shorts thing! lol But also the strip didn't slip easily over my shoulder--it was more of a maneuver to get it over my shoulder, and I can only imagine with a winter coat. I also didn't like how I couldn't really open the bag and go through it while wearing it--you at least have to slide your arm out (or maybe it's just me). Also, because of the pouch-y compartments, I feel like it doesn't open well while you're standing--you'd need to put it on a counter or something. It's definitely an attractive bag but for me personally, it wasn't comfortable or useful.
The hobo felt natural the second I slipped it on. It went on easily and stayed on. I was able to rummage through it while wearing it. It hugged my body (in a good way) and felt like second skin. I was wearing it around for a few minutes while the SA looked something up, and I actually forgot I had it on! It wasn't too big at all (which was my concern). It was perfect and I'm 5'4. Just a great bag, very "me." I do love the look of the Phoebe but the compartments bothered me too much, and the hobo just felt natural. Hope this helps someone else!
That's awesome, I'm glad you found a bag you really love! But now I want to know what color you went with!?!?!