I started and stopped this sweater twice before I finally got it right. Thanks to the beautiful people at Craftster (not sure who was the first to suggest it, but it's a miraculous save!) I took the suggestion to do the base chain with an N hook (otherwise there is NO WAY that sweater's going to fit around your hips), switch to J hook (or whatever hook you would need to achieve the original gauge) for the V-stitch portion, and switch to a K hook (if not bigger) for the waist shaping. Unless you are concave-chested, in which case the waist as written should slip on you just fine.
(I tend to use the K hook for the seed stitch of the sleeves too, but that's not as important.)
Without these suggestions, I would still be looking at my half-frogged sweater and weeping a little inside. I think it's actually physically impossible to create this sweater (and have it be wearable) as written.