Bottega Veneta has a series of absolutely immaculate shirt dresses in their spring/summer 07 collection. The backs and waists of the dresses are decorated with delicate smocking. Remember smocking from your first grade Easter dress? Look for their lovely magazine ad with the dress in rose seersucker.
I could justify a $3k price tag if I would wear it everyday for the rest of my life, right? I hope this trend catches on further down the fashion food chain.