I have one jersey with elastic. The other jerseys have to be too dirty to wear a second or third time before I will dig that one out - I hate the elastic that much. I am slim - 5'6 and 125 lbs. It could be that this jersey is a little short, but it just wants to go up, and up, and up, the wind gets caught in it and it billows on downhills on warm days when I let the zipper down some.
It's a personal preference issue. I think the non-elastic is more flattering but like some others have said, it depends upon your build.
