Cate Blanchett as Queen Elizabeth. The costumes in this film were stunning, and I was always impressed with the makeup as well (most films set in that era will cake the actress' faces in an inch of white goth makeup, which is probably inaccurate).
Although the vast majority of the body was covered it was permissible for dresses to have plunging necklines. A necklace was often worn which drew even more attention to a woman's breasts. The necks and cuffs of gowns were decorated with silk or linen ruffs. The hair was often worn loose as a symbol of purity.
Elizabethan period costume - corseted elizabethan-shaped bodice constructed in an elaborate brocade, embellished with further beading and faux fur. The main skirt was in a deep cream silk, opening at the front to show a brocade panel, enhanced with pearls.