Suzzy Menkes said that the Milan FW 04 is about (among other things) tailoring. A.McQueen makes haute couture. And Prada - discreet, modern tailoring. Here in Prada I see also "fun" with the famous now "hand made" robot, as well as keyrings and dyed sweater's hem. This is like Prada enjoyed playing with her own style. Did she do it for love - or for money:-) Does it more (in Prada case) more than does it sell? I don't know (happy not being a fashion buyer here:-).
But I think that luxury is in cut, fabrics and details. The modern luxury is a discreet, get a closer look thing. And here Prada has managed to make a "seriously tailored" collection but with a flash of fun, and it all comes so easy.
How does it compare to previous collections? Having had a quick look at previous ones, I must admit that this is my fav. While it does not show any must have luxurious leather item, it's a more total look collection, but still light, fresh and fun.