Here's an odd thing. I've gone down roughly 2 trouser sizes since starting - a good indicator that weight loss has been fat, rather than muscle loss. Yet I can now grab bigger handfuls of flab than I ever could previously.
My ever-so-scientific hypothesis is as follows: Visceral fat has accounted for a significant proportion of overall weight loss. This has reduced both girth and outward pressure. Conversely, my body's been holding on to subcutaneous fat for all it's worth. With a significantly reduced visceral outward force, this is now lose and hanging under its own weight like a custard-filled wet suit. Muscle-toning from exercise has only exacerbated the phenomenon.
Hopefully a continued regime will start to whittle down the remainder. Plugging in stats still gives me a bf well over 20%. I estimate 1 stone should get me the right side of 17% - the outer level of fitness. Losing fat from around my neck has had disastrous consequences, pushing up my bf levels (because of the measurements taken). I either need to loose more, or perhaps take up this every other evening.