Tight lacing is clearly making a return. People who practice serious tightlacing in modern times find that the horror stories of the past are myths, provided the tightlacing is practiced as a gradual figure training process. If so, it is completely safe. Cathy Jung, Sylphide, Lacie, Britta, to name a few are all very healthy women that enjoy the practice and have perfected figures with 17" wasp waists. It might just be that the horror stories were written to make for sensational press, clearly they appear quite unfounded in reality. No-one wants to hurt themselves with a corset, but most women enjoy making themselves more attractive, and corseting is a safe and effective way to do so.
Modern corset makers produce comfortable garments capable of 4-6" waist reductions without any risk of fainting or other problems. But even a very relaxed 2" reduction will produce a significantly improved figure.
And.. yes, it can reduce appetite to help reduce or maintain weight.
Feminist or not, a well made corset is such an easy way to make the wearer more attractive. It certainly allows women to present themselves with more confidence if they need to. It's a choice, unlike during Victorian times when women were coerced into it.
Perhaps tightlacing is more about true liberation!