I'm sure by now you've all seen the sketches that designers submitted to WWD (and presumably to Mrs. Obama's staff) but if you haven't here are my favorites.
Since it seems unlikely that Michelle would choose a foreign designer my favorite look for day (other than a chic Chanel suit) is this sketch by Diane Von Furstenburg.

With DVF Michelle gets not only an American designer but also would be supporting a corporation owned and operated by an independent woman. Plus, yellow is such an unexpected color in winter that she'd be sure to impress!
As a Rodarte addict I was super excited to see that the Mulleavy sisters had submitted designs for the inaugural ball gown. While I love the looks (especially for the girls!) its doubtful that Michelle will choose them. While Michelle favors young designers Rodarte might be a little too avant garde for the American people.
The most likely (and most classically beautiful) look for evening was submitted by Monique Lhuillier. Boring but beautiful is just what the people want in a first lady.
What do you think she'll wear? But more importantly what do you want her to wear?