A few years ago I bought a pair Mountain Hardware distance shorts that had pockets in the band for fuel, keys, etc.  They even had a zipper pocket in the thigh.  they quickly became my favorite pair of shorts for distance runs.  Unfortunately, MH stopped making them.  With an ultra quickly approaching, I was thrilled to find a similar pair for a great price from Run Outlet.  These are the features that I love:
1- sit low on the hips with a soft waist band that does not chaff
2- pocket for stashing stuff (could use a few more)
3- super wicking material (they were bone dry after my 50k)
3- great fit (they look like they would be v. short but hit just a little above mid thigh
4- look great!  Very flattering:)

I ordered the small and medium.  They both fit fine (I am 5''4" 125 lbs).  The medium is loose, which I like for super long runs but the small fit nicely and don''t feel at all tight.