I love this dress on Michelle. Interestingly, Mrs. O predicted that this was the dress she'd wear on Election Night. After Michelle's misstep that night, clearly she's recovered her usual instincts for wearing what flatters her.
It's interesting to contrast her dress with Laura Bush's. Both dresses speak the same style discourse (appropriate, mature, tasteful, "serious,") but Obama's, fittingly, is a newer, updated version.
The dress is by Maria Pinto, who made several of the dresses we saw on the campaign trail, notably the purple nomination-clinch dress and the blue one she wore the night she spoke at the Democratic National Convention.
I do worry that the dress is pulling a little (I hope that's just something about the photo or her pose during that moment). I also am growing a little tired of the kitten heels, never good for anyone over the size of, well, a kitten. Let's see something different on her feet, please.
All in all, a great dress for the occasion. And let's hope she works the vibrant-red colors, because they suit her very well.