Well, like Eden, I love form fitting jerseys, or at least ones that are not loose and flapping. And I am not a racer, just feel that it's more flattering. But, I abhor the elastic on the bottom. Really. It just makes the jersey ride up my back and stomach. I would have to buy a jersey a size too big to get the elastic to stay down. I weigh l07 and my hips are not huge, either, just bigger than my waist.
I think elastic only works if you have a rather narrow/angular build all the way down.
I like low rise cycling shorts, too. Stuff around my waist just annoys me. But the style has to be higher up in the back, so no crack shows.
I wear all kinds of jerseys: short sleeved, sleeveless, long sleeved, and tanks. Most of the tanks I wear have a shelf bra, which is fine for a small busted person like me, but I would really like it if some of those shelf bras came with some padding, because when you sweat, everything shows through. I don't need the support, but I really like those "Handful" bras I bought here on TE, that have removable pads.
I have a pair of tights that are chamois-less and wear them over my shorts in cold weather. I bought a pair of tights w/ a chamois from someone here on TE; I hate them!
I would like to see more lightweight, thermal/wind proof, full zip "team kit" looking jerseys for regular people to wear in the colder weather. There are very few options here for women. My DH has several and can wear these with a base layer, when I have to wear a jacket, etc.