The best jersey I have found was made by shebeest. It's significantly longer than the others, no elastic at the bottom or arms, very flattering. Still tighter fitting (not loose like a t-shirt) but an awsome fit. It wasn't sleeveless though.

Now, the down side...

Not all of their jerseys are like that. I purcahsed another shebeest jersey because of the first one, it doesn't have elastic, but it's short, so I never wear it. It's hit or miss.

I also recently tried a Louis Garneau pro-fit jersey. It has the elastic, but it's a much looser elastic. It's pretty nice, but not quite as long as the Shebeest.

Maybe try to find a local Shebeest dealer and try some on. Or, ask about the lengths from under the arms to the bottom before purchasing. I can try measuring the one I like tonight, just to give you a reference.

Oh, and I have a very small chest, so I can't say it will be great in that department