As an artist and someone that studies different artistic styles, let me add my 2 cents...
If you take a look at the new styles on page 1 and 8 of this thread, you are looking at a variation of western/american Manga. It's very popular in modern cartoons and animation these days. Thus the eyes are bigger and more expressive, becoming the focal point and the other features, especially the nose, are de-emphasised. The eyes are just bigger and not meant to produce a "come hither" look. I can assure you that the phrase "come hither" was written nowhere on the artists reference cards.
Disney princesses have always had skinny waists, and nowhere in these new drawings do I see any slimmer waist line or larger bust sizes. In fact my wife and girls commented that their necklines looked higher and dressed appropriately. I think that since most modern tv shows and movies are so inappropriate these days, some of you are seeing monsters where there are none.
Also you'll notice that the artwork across all the princesses is more consistent. Before the older princesses, especially Snow White and Cinderella, looked out of place compared to Jasmine and Ariel who are more modern. Now there is a consistency across all princesses, which is better for merchandise and in possible cross-over animation.
Same with the glitter in the artwork on page 8. Notice that the first thing your eye is drawn to is the glitter in their clothing? It's a very pretty focal effect, and again it's consistent across all princesses. Not to mention that almost all princess dresses I've seen for sale have glitter on them. Makes since for the artwork to match that.
I will say that Mulan's neck is way too long, and Belle's hair is too disheveled, but over all my wife and daughters really like the new look. And Belle's dress in the park looks much more natural than the old one. The deep yellow and "tube" on the bottom of the dress always looked off. My wife really liked the dress and said that the fabric looked like something you could go buy. She meant that as a compliment.
We're very conservative parents and we see nothing wrong or inappropriate with the redesign.