First off, I understand what you are saying, and I do agree. However, I also feel that completely ignoring the fact that the female form is different is just as bad as overtly embellishing it.
I think the happy medium falls in an area where you'd see Faith from Mirror's Edge or many of the female (and armored) characters of Gears of War. There is clear femininity, but not embellished or sexualized.
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That's an excellent point. And it's funny that you bring up Gears of War, because GOW showed that video games sometimes embellish male characters to an amusing extent.