If you mod it fine, but I hope to Hircine that they don't make armor sixy in the vanilla game. I want it to suit its purpose; to defend from blows. I'd rather have my female character look like a badass (is that word allowed?) force to be reckoned with, rather than a succubus with a sword.
Tell http://fc01.deviantart.net/fs12/i/2006/305/e/a/Red_Sonja_Fights_by_edbenes.jpg that she is not a badass force to be reckoned with. :laugh:
Now that's obviously a joke, I don't think anyone would really expect that to be released in the vanilla game, but http://www.uesp.net/wiki/File:OB-item-female-Leather_Armor.jpg isn't exactly meeting your standard either. There is a lot of room in between there to find common ground I think. ^_^ Like I said though, this isn't really an area I am concerned about, I just find it a little silly folks want everything as drab and boring as possible in fantasy games like this.