The gown itself it's extraordinary, dear lord how much time did it take to make... but the color isn't selling it, specially on that carpet. They could have kept it like they presented it in that white/pink blush color.
I also just noticed she doesn't have much of a waist... I was trying to figure out what was "off" about her Chanel dress when she won the Oscar, it's that, the column/strapless dress like this one and the Oscar one look much better with a more defined waist.
I have to say in all the many pictures I've seen of this very talented woman (and mother), her waist has never struck me as off in the slightest. It seems quite clear in the pic above ...