hey guys,
to give you some advice based on what I did, i suggest that you follow something called the G.I. (glycemic index) diet. Take a look at this link:
http://www.glycemicindex.com/. It basically puts fruits and vegetables on the bottom of the food pyramid and moves grains to the middle. I followed it for about 6 months and then ate more moderate while keeping my exercise up. You definitely still need to eat some carbs, but the better ones. There's no proven solution that separates good carbs from bad. It's all in what you eat.
What I was doing in terms of activity was a little extreme rowing 5 days a week for 1.5 hours in the wee hours of the morning, but then did a 2-4 mile run in the afternoon. Rowing targets those "problem" areas we all have in common and really gets your chest toned up. Even if you can't get on the water, a rowing machine (or "erg"/ergometer as us rowers call it) will do you just as well, but you don't get that nice experience being on the water. If you do erg, be sure to know the right way how to do it. I've seen people sit on it and just pull the handle any way they want. There's a mental part to using it.
Running is definitely what tones the body all over. That's probably how I lost so much off my chest, thighs, and stomach.
Guys, there's a lot of people on this board that say surgery is the only way out of this. It also depends on your situation. I thought I had nothing but glads on my chest, turns out it wasn't. We all have a little gland, you just have to get your body to work with it. I tend to see the whole "gyno" situation different. I feel really good about myself and everyone I know who have rowed with me the last two years are shocked at how much better I look now (and those ladies on the women's team ;-). It's a lifestyle change that we all have to adopt, doing something each day. Don't kill yourself, just do something to be healthy.
Try this first, and if you still don't like the way your chest/nips appear, they look in to surgery. In any case, you have nothing to loose in the meantime. You could go get surgery now, but you'll still feel out of shape.
Let me know if this helps. I'll keep watching this post.
Good luck guys. It really does work.