The dress might just look like this bubble dress, but with a lower waist, but actually, there are quite a few differences. The bodice gets narrower towards the waist instead of wider; there's a blind zipper; instead of fully lining the bodice, it is finished off with fine bias at the arm holes and facing at the neckline; and the sleeves are cap sleeves. In other words, I drew the pattern from scratch.
I'm pretty happy with this first attempt. The bodice should be a bit longer for a true peplum effect, and I'll also be changing the collar (facing never seems to work well in these small sizes).
I'm also pretty happy with the fabric (Pat Bravo Summer Love, from Hawthorne Threads). I had my doubts after I bought it, but in this dress I think it actually looks nice. The next one, though, will be in some gorgeous Nani Iro flower fabric. Can't wait to get started on that one :-)
If anyone is interested, I can make a tutorial and patterns for this dress (?).