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I think the update was a good idea although the new style (in that illustration) also makes her look younger. I wonder whether the revealingness of the original characters' costumes is related to ancient european mythological aesthetics.
Just an idle thought, but I think the conventions have flipped around from the ancient world.
Classical Greek art had a convention of "heroic nudity", where male warriors are depicted naked apart from helmets or shields. (Frank Miller followed that convention for the "300" comic book, and the movie just added some Spartan underpants). But women were generally depicted fully clothed.
Whereas with modern superheroes, the male characters are fairly covered up, while the females wear revealing costumes. Even in Fantasy settings, men are often depicted wearing full suits of armour, while the women can apparently get by with bronze or steel bikinis.
I think that's probably right TE, the 40s/50s heroines were probably more of a product of that time's sexual gaze than of greek convention. It's tricky to get the balance but the key should be in diversity and being aware of how what the character is wearing impacts the viewer of the time; if it's out of left field (hot pants on a crime fighting woman) then it's worth wondering why.
I kinda like it too, though I'm a tad disappointed that her iconic tiara has been de-emphasized. The bracelets look more practical in that they offer more bullet-protection. And, pace Rob Liefeld, pockets ARE useful. Look how Spider-Man has to weave his little dittybag for his street clothes all the time.....