I know, this one's quite old. So... 2 seconds ago! But where I am it's fresh, so bear with me.
Style-wise, it wasn't there yet. It's more Hollywood's idea of stylish and fashionable. It's got all the glamour but very little of style. I'd bet that the gods of the fashion world must've thought it unworthy of even raising an eyebrow for. But let's face it, Nobody makes movies for these visionnaires. Movies are made for the masses, and this ordinary folk here liked the movie.
Meryl Streep is Meryl Streep. Is she capable of doing anything wrong? She was great as the Anna Wintour stand-in Miranda Priestley, head of Vogue stand-in "Runway Magazine". One could only wish she was given a more memorable "visual design". She was beautifully styled, of course, but it was just that. No "Waaaaahhhhh!!!!" factor in her appearance. Any actress other than Meryl Streep would have faded in the background in the movie. Emily Blunt, the actress playing Emily, Miranda's second, was also great. She was very much believable in her role as the fashion/style victim/champion, mostly because she acted really well, and partly because she wasn't beautiful enough to be anywhere close to being in Giselle Bundchen's league, who happened to have a cameo in the movie, as Emily's chum. Adrian Grenier, the token grounded character in the movie, was easy on the eyes, but I had the feeling any actor other than him wouldn't have faded in the background of the movie.
And then there's Anne Hathaway as Andrea, the transformed character. I'm sure if this was made 5 years ago, before Babs conceded to doing a maternal role due to lack of ugly-duckling-turned-big-white-swan role, her forte', Ms. Streisand would've fought to play this character. But, no worries, Ms. Hathaway did a perfect turn in the Babs role. She was most convincing in the metamorphosis that, in the end, when even she was made stunningly beautiful by the movie's make up artist and Patricia Field's choices of clothes, one would really believe in the power of fashion. Now, had they casted Babs in the role and got away with it, THAT would've been real magic.
XXX
