We've spoken a lot here about the "how much cleavage is too much cleavage" question.
We'd venture to suggest that this dress provides a handy illustration of the rule: when your clothing basically serves as a frame for your breasts... it's too much cleavage.
Also, when we can see the tan lines from your bikini: again, too much cleavage. And no, you fact that this dress has long sleeves doesn't make it any better.
What do you think? Is it too much? Did you look at the dress, or did you just see the breasts?