Had a chance to futz with her a bit more and I really like this one. The likeness is definitely growing on me, too. And the two-part hair doesn't bother me at all. I think it's actually a clever solution, considering how complicated going full rooted would have been. Especially since the colors are really close under normal light. I don't notice the transition at all.
As for the dress, I fiddled with the ribbon in the back. I carefully untied the knot, tightened it as far as it would go and then retied the knot. It cinches in the bodice and gets rid of the loose, boxy look. Made a big difference.
My only gripe is that the material for the skirt hangs too flatly. The actual dress in the movie is a lot fuller and flowy from the waist down. The outfit on the figure just hangs straight and doesn't drape. (As I said earlier, The Missus made one of these dresses for herself so she was painfully aware of the specs of the costume!)
Other than that, I think this is a very nice looking figure. I know it's super unlikely, but seeing how far Asmus has come, it makes me wish they'd take another stab at Eowyn.
EDIT: Also, no one has mentioned it yet, but I like the soft, rubbery boots. They allow a good deal of ankle articulation. Not sure how they'll hold up over time (I've been burned by HT's rubber issues in the past), but so far it looks like a good material choice.