Love it, with and without the ribbon. As far as the ribbon goes though, I think it looks really nice at the back, whereas at the front it does kind of cut across you (so I can see why someone might think it looked better without). Maybe a half-belt idea would work? (Sew ribbon in at side/side seams and tie in back.)Regardless, it's a lovely dress however you choose to wear it and I think you've done a wonderful job revamping it.
personally i love the way it looks with the black ribbon. i would have tried another color though, like a red ribbon just to give it a little pizazz...you did a great job on it =]
love this!