I know that the emotional answer is YES, women with tiny tits can be beautiful.
However, I have researched this very question in
February 2013.
This research looked at over a dozen "most beautiful women" lists and looked at the tendency of the busty, average, or flat to be ranked more beautiful.
What this revealed was three critical points:
1) Busty women will be deemed more beautiful than flat in general.
2) Flatter women were never deemed most beautiful.
3) There is a flat gap, a large cluster of flatter women in a group, deemed just not as beautiful as the more busty.
The research showed that flat women are considered beautiful, but never more beautiful than the busty gals within the same review group.
Only the most busty combined all physical traits to be collectively considered beautiful and more so than flatter women, consistently out-ranking them by a significant factor.
Again, this was an aggregate review of the ranking and chest size across several ranking lists, taken from a 15 year time span. The smallest list size was 50 individuals. The sample size was around 800 unique names as there was some duplication and some lists were 75 or 100 persons.
As the chart shows the general ranking of women will be:
1 - very busty to busty are considered more beautiful, ranking around 2nd to 12th
2 - flat but beautiful cluster around ranks 12th to 25th (1st order flatness)
3 - average size but beautiful 25th to 40th ranking
4 - average to flat and less beautiful round out the remaining 10 spots of the top 50
There are a 2 statistical outliers, but these make up a small percentage of the otherwise surprisingly consistent groups. After some consideration I feel that the incursions of rather flat women into the upper (top 10) was a reporting bias so as to not make any one listing seem obviously favorable to busty women alone in the upper ranks.