I wholeheartedly agree with Heather and the others about the strength training.
For inspiration, I have a Sparkpeople page bookmared on this girl that is about the same height and build as me. At 148 lbs, she still looked flabby just like me (she tended to carry her weight along the middle and bottom, true pear shape). She looked better at 134 lbs but she began strength training at this point and within just ONE month she only lost 2 lbs down which took her down to 132 but she looked AMAZING!! AMAZING I tell you! She LOOKED like she weighed about 123 lbs at the most, and it was all due to strength training and building on that muscle.
I am about ready to get REAL serious about strength training myself and am contemplating 30 day shred or Turbo Jam (the one this girl used). Right now I do crunches and 10 lb handweights and although my arms look a little better, they along with the inside of my thighs look terrible IMO.
If you would like, I can PM you w/the link to her page. I don't want to post it here, as she may not appreciate that
