Had some time to unbox and futz a bit, and well, while it is a nice figure, it really does fall short on a number of things.
I'm probably going to sound very negative, but let's just lay it out and see where it takes us.
Head Sculpt
I think this is the single best aspect of the figure. I really like the sculpt and the paint apps. While she does look slightly heavy on the make up front, it really isn't distracting IMHO, and the paint apps are nice and clean. The hair works very well, although it would probably look better if it weren't so shiny, which makes it look very doll-y.
Body
I really don't like it. Legs are too long, neck is too skinny, just typical 1/6 "idealised" woman proportions. I wish I could still get Triad's Eves, while they had lots of problems, at least the proportions were much better.
Clothing
The cape (if it can be called that) and pants (leggings, actually) suck. Absolutely no redeeming qualities whatsoever. The rest seems to work pretty well. I like the chain mail, although the hemming in is baffling, as TankGirl pointed out. The dress looks good and I like the texture.
Gear/Accessories
From a certain distance, everything looks pretty good, but if you get a bit close the failings become apparent.
The boots are some ridiculous hard plastic that negates any ankle movement, why this is so is beyond me. The scabbard and sword look nice at first glance, but the detailing is a bit soft, same with the vest/armour. The helmet seems pretty nice and the chin strap works perfectly. The baldric really is puzzling... why did they purposely do it wrong? It just doesn't hang right and it's impossible to fix (unless you sculpt your own pieces or buy a loose set). I find that really annoying. The whiled is fine, but, again, quite basic. Maybe that's the way it was in the movie as well. The base and broken shield are nice extras, but not very detailed.
Paint apps
Overall they're quite acceptable. Thankfully they did a very good job on the head sculpt, but otherwise they don't look like they belong on a 180 dollar figure (give or take a few dollars).
So I guess my second Asmus LOTR figure leaves me with the same mixed feelings as the first one I got (Witch King).
It's an amazing character, so I'm thankful to Asmus for giving me the opportunity to have one, but it's still pretty far from the main players in 1/6 collectibles. This is not Hot Toys level, it's not Sideshow level, it's not DiD, ACI or Kaustic Plastik level.
Finances permitting, I will continue to support Asmus on characters I really want, because they are taking a chance with this license and deserve some recognition, but I will be very choosy.
Here's hoping to see continuous improvement from Asmus, and a long and rich line of LOTR and Hobbit figures.