Hi,
I have been corseting for nearly half a year now. In fact, the corset was one of the first purchases I made that caused me to do serious self reflection.
Anyway, I'm 5'2, 95lbs and my fat always goes to my love handles which I now see as beautiful hip fat. Within two months of corseting--without hormones mind you--my waist was at the 24" mark while corseted. (I was naturally a 28") My hips at 30". Now, without my corset on, I'm a 25. I noticed almost instantly my rib cage caving in. Now I did go very very slowly in tightlacing it. Spending only a few hours a day laced up and only a reduction of about an inch for nearly a month. After that, I slowly increased it. I was shocked by how fast and how permanent/semi permanent the results were. I haven't been wearing my corset too much because of the heat, but I haven't really noticed any change or need to wear it.
I'd highly recommend it. One of the major pluses is it teaches--more like forces--you to walk like a woman. The sudden change in your center of gravity will force your hips to sway in a very natural manner.
Downsides: cost, time, can't lie down, hard to use the bathroom, hard to sit, hard to eat, takes some getting use to.
Hope I've helped.