Earlier we found out that armor sets were undergoing some changes, and the female wizard has gotten a new unarmored look. However, the specifics of the changes were kept from us. But, now, we've got some insight into what was changed, and why these changes took place.
Official Blizzard Quote:
It wasn't a total rework or anything, these things rarely are. It was essentially a color shift from red to a sort of muted mustard color (which doesn't sound great but it looks awesome), and then a texture cleanup removing some elements and just letting the whole thing read a lot better. It looks a lot more like an unarmored look now, in my opinion. Before it was a bit busy and ... I think you also sort of have to have a very minimal naked look so that upgrades feel that much more "powerful". If you don't notice a visual change on the character with a new piece of armor then it's kind of like, what's the point? She had too much going on before. Now she looks like... haha, it kind of looks like she's about to go to the gym. To kill demons.
A step in the right direction, in my opinion. The only picture we have of the in-game unarmored Wizard is pictured at the beginning of this post. However, with a bit of photoshop magic, we can tweak the colors to a more accurate representation of the current look.
We must keep in mind that a simple color-swap was not the only thing done to the new unarmored female wizard look. As Bashiok pointed out, the previous unarmored wizard had a lot going on. Not so much the armor itself, but the colors involved. There are just too many; it seems very cluttered. Think back on the default armor of all the classes in Diablo II, all consisted of mainly one color.
This also brings into question how much armor will alter the looks of characters. Bashiok mentioned that currently, armor upgrades feel more "powerful" than before, due to the toned down unarmored look. This makes perfect sense, since the improvements will be much more dramatic than if we had an "armored unarmored" look. Though, it's still yet to be seen how drastically armor sets will alter your character. So far, this is the only picture we have to compare to.
Even with the previous unarmored look, it seems a very drastic improvement. More pieces of cloth and leather are layered on, new colors are added, and more "trinkets" are present in the armor, as well. Now, with the retexture of the unarmored female wizard, these changes will be even more apparent.