I didn't want a super tight top, this one is fitted to my body.
I have washed and dried this shirt (low-heat)
It didn't shrink too much I don't think (I didn't try on before washing, just guessed by holding it up)
I ordered an XL. I am normally a medium or large. Overall I am small (small waist) I just have a large chest 36D.
If you wear an actual XL in normal sizes, I don't know if the biggest size would be big enough, unless you are looking for something very very tight.
The V is not too low, it's just right, in my opinion.
The model has to be wearing a large, also it is not that long. It won't cover your whole butt, like it looks like it is in the model picture. It comes long enough to come to the bottom edge of the zipper of my jeans, and maybe 1/2 way down my back pockets.

Overall I like it. Order up at LEAST 2 sizes if you don't want a tiny shirt.