I think she looks just like what she is, a beautiful 54 year old woman, the mother of four, three of which are in there 20's.
And also a Princess by blood, which means she dresses age appropriate, is au natural, and doesn't rely on botox, facelifts, et al.
In fact I would be totally embarrassed if she started dressing like her daughter. I see too much of that in real life. Seriously, just because one has the figure of a teenager doesn't mean one should dress like one.
This is one of the reasons why I admire Princess Caroline so much, she has aged gracefully and has done so with dignity and class befitting a Princess by blood; she was born one, not made one.
And on that note I like this outfit she's wearing, not her best, but appropriate. But that said, the only thing I would change is to add a lovely scarf around her neck. Like a tree, the neck is what gives one's age away, therefore my advice is to start wearing neck scarfs as one ages. And at some point no more decolletage, especially when one has age spots/freckles/wrinkles/etc. around that area, which starts earlier for those that sit out in the sun and are fair-skinned. Modesty is always the best policy. Jmho.