Hey,
Not sure if it's affecting everyone, but I've been experiencing the same here, particularly but not limited to female armors. For example, the human feathered platemail helmet (not the winged one) on males looks ok, but on females it behaves wildly. Also seen this on the female elven sewn scale helmet, the female elven robes/helmets (feathered one and cloaked one), human "enchanter" skirt, dwarves "enchanter" cloaks and so on.
While messing with the engine editor i've noticed some of them have a physics tab of sorts enabled, while others don't (feathered platemail male/female example), but i'm just a layman that doesn't know about what i'm seeing there. Also, another user posted about it in the technical problems sub-forum with and image exemplifying it: http://larian.com/forums/ubbthreads.php?ubb=showflat&Number=648714.