I'm not a fan of how the leotards look on the final, production figures. If I had to choose between the "production" leotard and a sculpted skirt similar to BP She-Ra, Castaspella or Netossa, then I would choose the skirt even if it wasn't completely faithful to the Filmation design.
However, I still don't understand why Mattel can make perfectly functional and aesthetically pleasing Y-fronts for male figures (e.g. Bow), but can't seem to apply the same sculpting/design/technology/whatever to the female figures. It doesn't make sense when the exact same approach should be taken, but simply on the smaller, female buck.