The hairdo & earrings are lovely but here is where it ends. Don't like the dress at all, looks like some do-it-yourself batik design gone wrong; plus the usual ugly peep toe shoes with stockings although it's December.
Apart from a few highlights Letizia does not know how to dress as she seems to have the wrong designers / advisers on hand; I think crisinaki once said that she looks like the Queen's secretary, that pretty much covers it. The cheap and girlie-like Varela dresses make her look rather like Felipe's personal assistant than his wife, the PoA. In the beginning, starting with the Armani suit and the red killer dress, and during the following year I thought Letizia was on top of the leaderboard in the looks & dress department compared to her peers, now I see her only at the bottom, swapping places with Mette Marit, who went from awful to very nice thanks to the right choice of styling advice.