I personally like the coat and I do not care if it is recycled or not. The cut, the color - it looks very nice on her. The hair band looks somehow strange and out of place, but I find it a very nice idea, since I can't remember having seen anything like this before on her on such an event like this one is.
She is a princess now for almost five years and has a huge collection of beautiful dresses. She can now chose and went for this one, which is absolutely ok. In times of economic crisis it would have been interpreted as too extravagant to wear a new gown. I am normally very fast in critizing her, but for both of this new year events I think she has done it very fine.