I got mine for Christmas, and it has the sharp pleats, which is the way I like it. I acutally got it for Molly, even though it is a modern outfit. It goes will with the 40's and I should know---I was a little girl then. It is adorable, that really is more than a school outfit, I would think more of a church outfit or special occasion dress.
The quality is wonderful and the fit is perfect. The shoes and socks are easy to put on and complete the outfit. I give it an A+!