The skirt fits perfectly at the waist. My only complaint is that the bottom of the skirt was poorly cut in some spots, but nothing drastic that people could notice unless they took a real close look at it. Overall, I think it's a very nice skirt.
I'm 5"3", 115, short torso but high waisted. I ordered a medium. My only complaint is that the seam where the flared bit of the skirt meets the waistband is quite a bit more snug than the actual waistband, so the skirt tends, with no provocation, to slide right up my body until the seam is around my waist rather than the waistband. When that happens, the skirt doesn't even cover the bottom of the leo, but the top of the skirt is around my ribs, even folded. It'll work, but it may work better on a longer torso.
Had I ordered a Large, the seam likely wouldn't have been a problem, but the waistband would have been extremely baggy.