This kind of reminds me of a character from a book that I once read named "The man in the yellow Suit", It was called "Tuck Everlasting" by Natalie Babbitt. Well you know, since she IS in a yellow suit after all... plus she has the monocle! Anyways, awesome drawing, Princess Celestia looks totally bad ass with all her steampunk -ness!(I don't think that's actually a word but meh...) Kudos dude!
Oh, she does, worry not. That collar around her normal mantle, like a coat or something, and that hat do help a lot with the steampunkish appearance. And the obligatory cogs are there, so yeah. Even some slight ornamentation, which is commendable at such short notice. And the monocle completes the appearace. Lovely-looking shading on her body and curves of her hair and one highly detailed eye. Also, this makes me think we found out about her secret cake factory, the way she's looking at us. Well done.