The Sheer Look

What do you guys think of Katie Holmes' sheer look? YAY or NAY? I tend to fluctuate based on who's wearing it and how chic and classy they can make it look. I'm on the fence with how she looks here and i especially love how she's styled her hair but i can't help but wonder if she couldn't find a better bra to wear underneath. That one doesn't look like it's supporting anything... Also, that bag she's carrying has no place in that ensemble, it just seems so wrong
Imagr via JustJared.com