Yes, I think it's the coat and dress
together that don't really work, as both pieces in themselves are nice; I see this a lot with SJP's event looks. She'll wear a great dress but then the coat/jacket/cardi over it doesn't work or
overworks.

That's the effect I see here too. Also, I definitely prefer Liv's hair down. I feel like this up-do style, with the fringe as well, highlights her "longish" face shape.