Fascinating discussion!
I love oversized looks -- both on others, and (sometimes) on myself. I also like (some) bodycon looks -- if the fabric's stretchy enough, that's just as comfortable as oversized, for me, providing I can "de-bombshell" the look. And I love tailored fits, too. Assuming they fit perfectly without constricting.
In terms of the look of the thing, I do need to take care with oversized looks that they are not too drapey -- that will drown me. Sometimes I don't even care about the look, though. I bought that super oversized J. Crew cashmere sweater despite the fact that it looks like a tent on me from the side. It felt so great, I just didn't care. I promptly wore it about 20 times in its first month. I ended up wearing it as LOUNGEwear as well as regular at-home wear. Which tells me that I definitely love the feel of oversized! For summer, I also bought an oversized dress and some very fluid tops.
I do think Laura brings up an excellent point, though, and one I almost forgot. Oversized can be inconvenient and a bit tricky when you have to layer jackets and coats over top, which in my climate I often do. Unless of course the coat is similarly oversized!