This is Simplicity 3548. It was the test project for the pattern, which I bought on a whim, because I'd noticed my sister had several tops of this type (with the gathered neckline) and they were really cute. It makes a prettier change from plain tee-shirts, which I have a lot of, while still being comfortable and casual.
A very quick sew. The fabric is very soft and drapey, too.
Unfortunately, $2 a yard knit fabric from Wal-Mart isn't really high quality, no matter how attractively cheap it is (When will I learn this lesson? When?), so the first time I washed it, three holes developed on the front (which was after I took the picture). So I sewed on a little fabric embroidered applique. Like so:
