I purchased two of these shirts: the first, "Vintage Medium" in a size medium; the second, "Beat Up White" in a size small. I am 5'8" and normally a women's size XS (or a size 0/2) at most retailers, but since I have a tall body type, I find it's better to size up in Levi's (among other brands) to accommodate my long limbs and torso.

Surprisingly, both sizes actually fit really well! The design is cut in a way that is tailored in the waist but generously flares out towards the hem; there is also a moderate amount of additional stretch. The size small is fitted in a smart way rather than a "too tight" way, but I can see the chest being a problem if you're especially busty; however the length of the sleeves on the medium is perfect for tall folks, though the torso is a little looser than I prefer, though to it's credit still maintains an attractive flattering (feminine) silhouette. Personally, I like both.

I put these shirts through the washer and dryer (no special settings or anything) and experienced zero shrinking, which was a huge relief. The fabric is medium weight and doesn't seem to wrinkle like crazy either. Whether you should size up or not depends on how you want the fit, so if you like a close fit then get your normal size, and if you want a casual fit then size up. Anyway, love this shirt -- excellent quality and totally worth the price!