In the scenario you described, I would be upset, but not because I felt underrepresented. It'd feel like the developers thought I'd only be interested in their games if there were women in it for me to look at. I would be very embarrassed to be a gamer.
Okay, let's make this a bit more clear. Every woman in these games will be a beefy, shapeless hulk so that we will feel more empowered playing them. They will wear armor to make themselves look even huger, and for most men they will not have much sex appeal. They will most often be portrayed as scraggly and unkempt, with the occasional leg and underarm stubble displayed just so we get that "rugged" look appropriately depicted. "Pretty" will be the smallest concern; it will only be about how badass that character looks. If that means she's missing half her face or has ragged burn scars where her breasts should be, then that's how she'll look. These women characters will in no way, shape, or form be eye candy. Their assets will never be panned to, their poses will not display them and their animations won't either.
When they are not mountainous and misshapen with muscle (and occasionally muscle combined with fat), they will be skinny and scrawny and, again, shapeless, as though they were human rubber bands. That's the next most common archetype of male character, I think. Only a very small handful of them will fall into anything remotely resembling a recognizeable or realistic female shape.
The men who appear as secondary characters in these games will clearly be just there for eye candy for the female characters. They will wear string thongs that barely cover their privates, or that realistically wouldn't cover their privates. Their "armor" will be gravity-defying and will not make sense as compared to the design of the hefty, reasonable female armor. Spikes will be put in interesting places (crotch, nipples), and the rest barely covered at all. They will be very well muscled (edit: And toned, but they won't be bodybuilders) and many of them will glisten with oil or sweat. In combat they will make very sexual noises. They will always be designed with the attractiveness to straight female audiences in mind, so females will draw and develop them, and will ask each other extensively how hot they look. There will even be discussion later in interviews about how they designed such an interesting, strong male character--and these developers will offer up that they just thought about their ideal boyfriend and went from there.
Most of the male characters, regardless of circumstance, will fawn over the female protagonists. They'll throw themselves at her even if she's hideously deformed. This will be seen as normal although it is clearly meant to pander to the female player's ego (and also likely to titillate).
And now I ask, are you getting the idea yet?
Edit: Man it's late. Keep making minor typos but I have to correct them... I just HAVE to...