ah, i was tired last night and didn't notice the wide fitted midriff waist panel. you're right, melanie, a classic empire waist dress would fall away under the bust. i would say this dress has an empire bust, with wide midriff panel waist. if it were a cummerbund, it'd be gathered or pleated.
great shot of a real shelf bust, nicole! yes, it was a 50s thing.
lauren, it's inset.