Hey Oakleaf-
Looked at the REI shorts last night. The rise is on the higher end...maybe 1-2 fingers below my belly button. (a bit higher than I generally like, but not too high to make me not wear them!). I got a small in them... I usually wear a size 6 pants, 8 if they are slim through the thighs. They are really stretchy, so while the waist looks really little it isn't bad.

I actually like the Roadrunner sports shorts better, the rise is a bit lower (~2-3 fingers below belly button) and they have a little zipper pocket on the side for keys, a gell, or MP3 player.

In general I really like RRS gear, very reasonably priced and I love their sports bras...one of the only over the head bras that works for my 34D chest with out hardwear!