A Stock Phrase for narrators describing an attractive female character, and for Fanfic writers trying to make a female character inexplicably more attractive than she is in canon. It probably describes an hourglass figure - that is to say, large breasts, round hips, and a small waist connecting the two - but exactly what it means is kind of vague and highly subjective, since readers' ideas of what "all the right places" are, and how much they should curve, will vary. While the figure it describes isn't going to go out of fashion any time soon, the phrase itself is rather tired and sliding into Discredited Trope territory.