Apparently the peplum is everywhere. From chain stores to the hips of Princess Kate (or PK as I like to call her). A peplum is a short skirt attached to a bodice, a jacket or even another skirt. It claims to be feminine (who wants extra layers around their hips?), elegant and flatters all (supermodel) silhouttes.
To me they look like those frilly valances you find around beds- and not nearly as functional. If anything they seem to shorten your leg length and do absolutely nothing to accentuate your waist- unless you wear it with a belt.
If you are going to attempt the peplum look this season I would perhaps wear a subtle style as part of a blouse or tshirt and only with slim line trousers. By keeping the bottom part of your silhouette slim then the peplum wont look so frilly and ridiculous.