The first one is a tame version with trim on the sleeve hems and around the neckline. This is a leftover piece from SIL's dress. The laces are leftovers too.
The second has trim on the sleeve hems, neckline and waist. Both of these fabrics are well established stash pieces.If you haven't sewn a gusset before, Vogue walks you through the process and since this is a knit, you can achieve a great finish in no time at all.
Gussets are a handy feature because while this is a knit fabric, you still need to be able to raise your arms naturally without stretching the fabric out of shape.
Both versions work well with my work jackets so these dresses have been worn to work and for dinners. Thank you TJ for gifting this pattern to me and this is a lovely pattern to use.