I had my body fat assessed last spring at a health club (when I was 120 lbs) and they said I was right at the weight I should be at that point. And I doubt water weight is in the cards anymore... it's been over the last year that I've been battling this thing, and carbs have been an integral part of my diet the whole time. My guess is a lot of it was the fact I wasn't watching the fat in my diet, which is ok for low-carbers, but not for a standard healthy diet.
But an interesting note; for the past three days I've been eating 40% carbs, 30% fat, and 30% protein, and I seem to have hit a bit of a sweet spot! That is, if the trend continues and it's not just a coincidence. I'm almost 2 lbs down since I weighed in Saturday morning (it's Tuesday now). It seems a bit rapid, so if I get to next week and I keep losing it too fast I may keep these percentages, but at a higher calorie intake. But for all I know it'll slow down a bit; I mean, it's only been three days of eating this way, so maybe my metabolism is just going "Yaay! This is awesome!" and it'll get over itself after a few more days. Or - knowing my recent luck in dieting - it's just a big, depressing coincidence. It doesn't feel that way... there's just a feeling I get when my diet that day is striking a cord with my metabolism... I suppose you could call it 'feeling healthy'.