I agree that the dress isn't bad at all. It's fine in my opinion! But I don't understand everyone's assessment that she has no make-up on. She's a princess and at a very fashionable event where she knows she's going to be seen by many. That is just a silly thought that she doesn't have make-up on or that she didn't take time with her hair. I think the lighting is bad and the photos are very real, no retouching or altering has been done to them. Maybe she tried for a different look, lighter make-up and a looser style for her hair. But I find it to be silly to think that a princess went out all naturale to a public event where she understands photographers will be. Just doesn't make sense to me, but that's just me.
And as a response to Biboquinhas, I completely disagree with your opinion of MM's style. I like her style I think she has had some mis-steps. Hey but who hasn't from time to time. Overall, I like the approach that she has. It's a natural style that is very suitable for a royal, not too daring but that is okay to me.