Take a look at this: http://polycount.com/discussion/81154/understanding-averaged-normals-and-ray-projection-who-put-waviness-in-my-normal-map/p1 To summarise: You don't have enough detail in your low poly model.
Have you read all of the stickied normal map baking posts by EQ? I still kind of suck when it comes to baking so maybe I'm wrong but my guess is it's related to this http://polycount.com/discussion/81154/understanding-averaged-normals-and-ray-projection-who-put-waviness-in-my-normal-map/p1 I think the metallic material is…
hey dudes, I continued my work here http://www.polycount.com/forum/showthread.php?t=81109 thanks for the comments Bibendum, I pulled her arms out a bit, and I think the achilles tendons are off because of the perspective and angle of foot like you mentioned. :) thanks again dudes!