I made one recently...it's in my photos if you'd like to see it. I used a 12" heart (which takes much less batter than a 12" round which I learned the hard way 
) and then the sports ball pan. I trimmed the sides of the heart so it would be more of an hourglass silhouette. I covered the whole thing in flesh-colored fondant (mmf with wilton's ivory added to it), then added the corset in sections. To make the laced part, I cut two strips of fondant and made evenly-spaced holes in them, stuck them on top of the rest of the corset, painted around each hole with some silver airbrush color on a paintbrush, then made the strings with a clay gun. It looks like the strings are laced through, but they're not, it's just an illusion.
I've also made a corset cake (well, a boob cake but I added a corset thing to it).
Anyway, mine are torso cakes. I figured I would add my two cents to show you the 2 options when doing a corset cake.
For the torso (which is in my pics), you just make a sheet cake and use the wilton ball pan for the boobs. When the cake is ready to be assembled, you actually put the "boobs" on top of the torso. I usually cut a tiny bit off the flat part of the "boob" so it will fit perfectly. Then you just carve a tiny bit off the sides of the sheet cake to give it a girly figure. And you can carve just above the boobs also, if you would prefer to shape the top.
I prefer covering mine in skin colored fondant, then adding the fondant torso. And sometimes I use buttercream for the corset border, just to give it some dimension.
Hope this helps
Good luck, they are actually a lot easier than they look!
I've done a torso cake too, but I didn't dress mine I used a 9x13 sheet and the mini wonder mold pan.
Pipe-dreams is right, it's a really easy shape to cover with fondant.
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