I love maxi skirts and wear them whenever I can. I am 5'2" and slim.
I am in Diana's camp. I have found without fail that a maxi that is cut either straight up and down or else is really snug at the hips and slim at the bottom (kind of like a long pencil skirt) is necessary to prevent frump. The maxi you posted would be too voluminous at the bottom, IMO, and would not be flattering.
I wear my maxi skirts at a length that grazes the top of my foot. I generally wear them with flat-soled shoes and not heels. I am short waisted, so flat-soled shoes help keep my bottom half from looking overly long. It seems like maxis generally have high waists, so they can emphasize long-leggedness.
I'm uploading photos of my three favorite maxis. The first one is very fitted through the hips and is quite slim at the bottom; a long slit is needed in back to enable you to walk, which gives you an idea of how fitted it is. The second one is a little more voluminous, but it is a pretty straight cut from top to bottom. The third one is a little deceiving from the picture, but it has two long slits on the sides, which enable the front panel to hang straight up and down.
I've had to have all three of these skirts hemmed. I think the tailor took between two and three inches off each.
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