The best shorts I've found lately have been the DeSoto 400 mile shorts. The pad is a lot less bulky than PIs. It's actually made with a channel down the middle so you don't get pressure there.

The short material is more compressive than stretchy (think Terry Bella material).

The only drawback for me is that they have a lower cut than I prefer, but I like the rest of the shorts enough that I deal it.