That's the measurements of 1912's "Perfect Woman." Also, incidentally, the measurements of the Venus de Milo.
I'm ok on that hip measurement, preferring a broad-hipped woman. Waist could be a trifle narrower and the bust a little broader, though. 38-24-40 would be an awesomely female shape, IMO.
How about you, readers? What is your ideal for a woman's body?