I consider the new one to be more inappropriate because the old one was at least... anatomically humanoid in a way that makes her look alive. The new one has various anatomical errors that, all added together, make her look like someone decided "lol I'm going to draw a girl with balloon breasts and no one's going to care that I can't get anatomy right because balloon breasts, and I'm giving her a costume that shows the balloon breasts but manages to cover more of her body than the previous costume, so no one can complain about the balloons because it's technically less revealing!" To me, that feels more egregious than just the revealing costume the previous elf was wearing on an anatomically correct body.
The neckline also draws attention to the fact that her neck is extremely long, because it's so low, and she isn't wearing any form of jewelry higher up on the neck that would break up that line. This is something that actual women with longer than usual necks do, because high collars, chokers, and other similar things look good on them, when they don't look good on women with shorter necks. This elf woman has an even longer neck than ordinary long necked woman, therefore, she needs some form of choker or high collar even more.
Breasts shouldn't LOOK like spheres glued onto a woman's chest... Because they don't in real life, unless the woman got severe surgery to make them look like that >_>
Also as further clothing details go, the design of the bodice and skirt of her outfit draws attention to the fact that they gave her absolutely no definition to her waist and hips. It's a straight line all the way down. Most women have at least some form of curves there. Generally, women who have hardly any waist wear high waisted, empire type dresses, when they're wearing a dress at all, not dresses with detailing around the waist and hips that's meant to draw attention to the narrowness of one's waist, and the fullness of one's hips, when they don't HAVE the curves it's meant to draw the eyes to. A flapper dress would also work for this type of torso.
Her hands, at least, are not outside the possibility for realistic hands, as my hands are actually that tiny. However, they should probably be bigger nonetheless, because everyone who meets me and sees my hands comments on how I must have some deformity to make my hands that small.
And, finally, the shading looks... off. There are dark, DARK green shadows on the underside of her breasts, but then immediately under them, there are light green highlights on her waist. It's just not possible that light would be hitting her waist in those areas when the underside of her breasts is in such deep shadow. The artists need to pick one light source, and stick with it.
..... edit: another problem I have with this new loading screen image is the fact that pointing out the anatomy flaws in the image is causing me to go into a lot more depth about female anatomy than I am accustomed to going into on forums like this, and the fact that this is now on topic and relevant boggles my mind. I'm used to talking about anatomy and things with artist friends, where we're all girls, and use language that I'm now looking back and wondering if it's the best way to post feedback on here, due to how Inno has responded to feedback about questionable imagery and content in the past. How are we supposed to proceed with giving feedback about where the female elf's anatomy just looks wonky?
Draw him a helmet, he'll look better. 
