Slice of Cheesecake #2
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This is Phantom Lady.
Phantom lady was the spoiled daughter of a senator, who decided one day to fight crime, as a member of Uncle Sam's Freedom Fighters. She was also the first crimefighter who decided that wearing an outfit which causes your boobs to spill out was a good idea. In that regard she was a trendsetter.
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Shortly after this, another character took over the mantle - a student at the school she was headmistress of (yup, thats right - go and knock your head against the wall for not attending such a school). This woman also thought it was a fantastic idea to make the ouotfit skimpier, though it resulted in her being practically naked.
Exactly how brilliant an idea it was, was revealed in Infinite Crisis, when Deathstroke shoved a spear into her wide-open cleavage. Considering she did not have super-invulnerability, or unbreakable skin, or similar abilities like the other super-sluts, its a wonder why no one thought of it earlier. Her last word, as she passes into the realm of the dead was "Why". One assumes, had she lived long enough to complete the sentence, it would have been - "Why the fuck didn't I go with the full-body kevlar?"
Of course, you can't keep a good character down. Now there's a new Phantom Lady doing the rounds in Battle for Blüdhaven, and who is soon to appear in a new title. The current bearer of this famous mantle has decided that the outfit needs a minor revamp. Of course, her breasts are also so much larger than previous Phantom Ladies, that the net effect is quite negligible, displaying enough cleavage to drive a truck through... or any suitably sharp stabby object, if you're a supervillain.
Sigh! Some people never learn.