It's a bit painful to see what has become of one of the best dresses Varela ever made for the Princess. "Rape" unfortunately puts it right. The silhouette and elegance of the original were brilliant, the first alteration was bland, but the second re-incarnation doesn't make any sense at all anymore, design-wise.
The newly added, rather girlish embroidery doesn't match the great sequinned train and ruins its effect, and adding it to the hemline as well throws the gown's proportions off.
That awful glorified safety pin on display wasn't even needed with the fleur-de-lys-brooch sufficiently securing the sash... all in all, Letizia continues to be quite unfortunate in her choice of gala looks.
Carla Bruni's overall style in her midnight blue velvet gown was perfectly elegant - she might have a model's training, but that doesn't buy you great taste, which she has. Gorgeous draping details of the fabric too, visible only on a few pics as the gown's color is so dark.
In close up, it's rather amazing to see how boldly the Princess used make up in comparison to Carla Bruni, who goes for a more appealing natural look (of course achieved by make up as well), while Letizia's face almost looks painted in.