I fall more on the side of sexy armor as well. Doesn't have to be a bikini but I'd like to know that my character is a woman. Unrealistic but its a fantasy game so its already not realistic.
But what I'd like to see even more then sexy armor would be a simple toggle for hiding the helmet (like in ME1). That way picking hair and hair color will matter for more then the 2 mins it takes to find a helmet.