Hmm.. I actually think I like the older version better. I don't know if any anatomy was glaringly off, but the edit loses some of the curvaciousness the original had. The edit feels to "modelesque" it lacks the femininity the older version had.
I agree... you made her look too hard. The highlighting is also too strong, imo.
One thing you did that I liked, Zach, is you brought in the butt and pulled the stomach in some. And it's not an argument about big/skinny girls (voluptuous girls are more interesting to me, anyway), but rather because in the original her SIDE is just disproportionately wide. It's not as obvious because her arm is covering the area, but if you take away the arm it looks as if the her side is as wide as her front (at least to me)! Also notice the way the butt to the back is angled (suggesting that she's leaning forward) whereas the front/stomach is fairly vertical (suggesting that she's sitting straight up).
Also, I think the frame should be a little thicker.
Making those changes would make this an A++ piece to me rather than an A+.