Speaking as someone who has been doing pixel art since around '92 on my old miggy, I must say that you've got a very impressive style going on here. The linework is solid, the shading is more or less spot on, and you've given her an interesting, provocative pose. That said, I have to agree with Helm that while you've given her an interesting pose, it's not really something befitting a princess. I also agree that the split front all but destroys the image of regalness you're working so diligently to present here, because a Lady (big L) would:
a) have one of those under-frock things below the dress with ruffles all the way down past the knee
b) be wearing slippers or something of that nature and
c) never ever allow someone to casually look up her dress at her goodies.
I cannot see your new version either, but I will be happy to provide an edit of some sort to address a few of the minor issues I see keeping this piece from perfection. Great work, really, and awesome effort on the shading!
-ProgZ