Small fits me well with a little under 28" waist.  Looks really good (assuming you like PVC).  I haven't tested it yet, but it also looks like it's going to be really solid at holding up stockings.  I thought this was going to be wet look because of the title and not looking at bigger pictures, but I'm really happy it's not as I like this better.  I'm guessing I'll revise this to a 5 when I get to wear it out a bit.