Random Thoughts:
I really liked this collection, actually I am going to declare it fan-freakin'-tastic! It seemed a bit resortish / diffusion but that's a nitpick.
I really like the cold sexiness of some of the early looks. Unlike with some other collections I was not turned off by the repetition of one color, white in this case, and that is not an easy shade to pull off.
I liked the ethnic, fringy looks.
While the fringe worked on the last three or so looks, it did not work as well on the cocktailish dresses that preceded the closing gowns.
The skirts on some of the dresses were too tight from a freedom of movement standpoint, but I don't think pragmatism is a top priority of the women who would wear these get-ups.
Whoever designs the shoes for Versace is a bloody genius. I don't always like them (and there were definitely some from this collection that I did not care for), but they make a statement.
Donatella's Dorian Grey syndrome as reflected in model casting has not gone away, but still much better than last season and also the disconnect between the clothes and models' looks and gracefulness was not as acute as it was in FW 2010. Furthermore, she put fun, flirty stuff on some of the more mature and sophisticated models and then put the grown-*** women dresses on the young'uns - with some of them you could all but smell their fear.
Thumbs up on the music and runway layout.
While I am not a Donatella hater I am also not a fan, but I have to (grudgingly) admit that this is one of the best collections and runway presentations of the season.