buffbaby -- for Figure you need to be around 10-12%. 5-7% is something you will only see in national level bodybuilding and even at the IFBB level they have now mandated that the ladies be 20% "softer".
Figure is definitely all about the training, etc, however a much larger part than BB is the presentation. Also the reality is that judges are going to be fairly subjective in their judging criteria regardless of what guidelines are posted. Generally you don't want to be too lean or hard. You want to be feminine, symmetrical and proportional. The suits, hair, nails, etc. all need to be nice.
If you want to start your own thread on this so you can get responses specific to you and not buried in other discussion on this thread. If you are at 12% now for a show in 4+ weeks, you should be right on track. Start working less on bodyfat % but how you look. Are you doing a carb rotation or how is your body responding to your diet - have you been steadily dropping bodyfat? Or is it time to change up the diet? Especially the last 1-2 weeks you'll see amazing changes in your body that are slow coming, but when they do, they come quickly.
Also check out the stickie "So you want to compete" at the top of the board.