Pil, you are going to get mixed views on this one because of the placement of the knot. I adore it and think it is much more modern than a higher placement would be -- and happens to work brilliantly for your figure. But it's a different silhouette.
The only issue is that neckline. If you feel exposed, I really like Diana's idea of fashion tape (assuming the lining issue is addressed). I don't know about you, but if things stay put I feel a lot less flashy, so to speak. It's not the visible skin so much as the threat of more.