My thought is to make something similar. I found a pattern at JoAnn's, Burda Young 7388, that is carries some of the same style elements.
I'm going to do a mix of the two, a gathered sweetheart neckline bust but a flat waist and a gathered skirt. The material is a dark blue silk dupioni from fabric.com and will be lined with a black polyester lining. I'm actually going to belt the dress with a blue African print fabric that I bought and I'm hoping it's not going to look like too much with the gathers and the belt. And I was thinking of piping the top of the neckline and the seams for the waist in the print fabric to tie everything together.
I haven't seen too many people make this dress up on the interwebs and the ones that do seem to run into some issues with the pattern pieces. I'm going to muslin this up since this is the most expensive dress I've had to make since I started and take care of some fit issues in the bodice. It's boned and I'm not too adept at it, only used it once, so we'll see what happens. All in all, i'm excited and a bit worried. Fabric should be here in a couple days and then it's off to the races! I'll let you know how it all goes!