crwilson -- that's why I gravitate toward tight tops! I've got boobs, and I do have a waist, but it's not all that narrow, especially compared to my hips. So what works best is a tight top and looser bottoms in a lighter colour, or a skirt with some fullness to it to add bulk to my bottom half. It's either that or wear skinnies with a loose top and just forget about the whole waist thing altogether -- but I've got to be careful with the loose tops, or I get a "boob shelf."
The problem with tight tops is that they cling to my lower belly pooch (thanks, pregnancies), which is unflattering. So I have to be careful to wear bottoms with a reasonably high rise, but not too high, or it looks like my waist is up by my armpits! Aaargh.
If I ditch ALL the clothes, I'm actually pretty happy with my figure. It's not perfect, but it's not bad. Too bad clothes have to go and muck it all up....
This is an interesting topic you've brought up, RoseandJoan.