Found this vintage dress at Goodwill the other day, and immediately saw its potential. Take the sleeves and collar off, shorten the hem, and take out the heightened waist seam so it falls back down to the princess waist, and voila! You have a great, fashion forward dress!

 I still need to shorten the dress more, iron it, and roll the edges of the armholes...and possibly choose a different belt and shoes...but this gives you an idea of where I'm going with it.
What do you think?