I vote for focusing on building up your abdominal muscles to take up some of the slack with the loose skin in that area - which isn't very noticeable because your skin is shrinking to fit as paleobird says. I don't spot any loose skin anywhere else.
F 5 ft 3. HW: 196 lbs. Primal SW (May 2011): 182 lbs (42% BF)... W June '12: 160 lbs (29% BF) (UK size 12, US size 8). GW: ~24% BF - have ditched the scales til I fit into a pair of UK size 10 bootcut jeans. Currently aligning towards 'The Perfect Health Diet' having swapped some fat for potatoes.