Tom Cruise and Katie Holmes walked the red carpet for Tokyo premiere of his film Valkyrie, which is great, btw. I'm not really digging Katie's outfit though. The top of the dress would have been pretty, but the bottom half is awful. The color and material aren't flattering, while the leggings and shoes don't do a thing to the outfit.
On the bright side, her hair looks great. She's one of those lucky few who can wear a short or long 'do well. It must be nice to be a celeb and get to change your hair all the time.