Jerseys:
Absolutely NO elastic anywhere.
Full zip or close to full zip
I like them close cut, even though my body shape doesn't do well with the elastic/racer cut (See the Voler club cut style)
3 pockets

Shorts:
Have to have enough lycra to hold in the jiggly upper thighs
flat waist, no elastic waistband
slightly below the navel

Have both of the above in x-small. I buy my cycling clothes based on whether the company even has my size. Hence, I mostly buy Terry stuff because they always have my size! I have one Shebeest top and it's too big even though it's an x small.