Truth be told, I am in the camp that loves huge breasts. Say what you will but different people like different things. I don't like the "If they were going to fight, they wouldn't wear that" argument. Mortal Kombat is a fantasy-based game. Reality should really hold no grounds in it. People don't really survive brain-shattering moves, gunshots, or shoot lightning from there bodies. People can't control fire. Elemental gods don't exist. We play this game because it makes things possible that wouldn't normally be. If we're going for this "realism" idea, why don't we just go ahead and cut out everything magic and supernatural based? We wouldn't have Mortal Kombat then, though, right?
That being said, I do like Tanya's model. In my opinion, it is the best she's had to date, now that I get to see it in-game. Do I wish she would have an alternate that shows more skin, though? Absolutely.