I own this bra in 32E, Nude since August 2012. It’s definitely not my favourite one, but I think story of my partial success could be useful.
This bra didn’t fit me out of the box, I have it altered and now it’s wearable, but it’s the most unflattering bra I have.
Good things about this bra:
Materials are more than ok. It feels comfy next to the skin and I have very sensitive skin, so you can assume that they are really good.
It’s lightly padded, so it provides nipple cover, but doesn’t look bulky and it’s flexible enough to adjust to the breast shape to some extent. It’s great for hot summer days when you have to walk from heat of the street to air-conditioned office.
The band is true to size. I’m still on the middle hook, but I don’t wear this bra regularly (I was in the August and September, but not now). So I can say: decent lifespan.
Cups run small.
Things about this bra, that definitely good for me, but can be showstopper if you have different breast shape:
It has very wide wires and they come high on the sides.
Color is pretty fair, more like blush, but more yellowish. It could be showstopper if you have a darker skincolor, because nude is bore and if it’s lighter than you skin it show through factor is almost the same as for white bra. I have hard time finding foundations and powder light enough for me (I need 00 shade in most brands, which often is not available), so for me it works, but I strongly unadvise you to buy it in nude if you are two or more tones darker than me.
No so good:
The piping shows through. So I can wear the bra with woven fabric shirt, thicker jersey, but not clingy and thin jersey. This kind of ruins the point of having seamless bra.
Problems I have with this bra
It’s very shallow and it’s almost no volume near the wires. It folds there on any picture of the bra I ever saw.

Here you can clearly see how shallow cups are, especially near the wires

Cup concave near the wire. Panache, why?
But the whole shallowness is really a problem. I don’t have a lot of profile, but this is too much even for me. It slightly folds (one more reason not to wear it with something clingy) because of “orange in the glass” effect.

Under thin jersey crease is very visible
Here you can see the crease near the wire and other not pretty things.

Fit flaws
Cups are very high, almost full cup high. So their edges cut into armpit a little. I assume that on person shorter than me or with breast positioned really high it could be a real problem.
Straps are a little bit far apart for me, combined with tall cups it’s not comfortable at all.
The main problem I had is that cups edges in front were cutting into the tissue and in the same time I have a gaping. Tightening the straps was creating bad quadroboob, but the gaping was still there. The bra seemed to fit in all other places and returning $40 bra with $30 postage fee doesn’t have much sense, so I decided to alter it: seamstress removed the piping then cut about an inch of the cup and then attached it back. I wish I told her get rid of it. I wanted to make cups 1/2″ lower, but she said that it would be too difficult. So I basically got more open cups and then I immediately found out that I should loose the straps almost all the way.

Panache Porcelain Plunge after alteration
Even after the alteration but I’m still having a quadraboob (not a major one, but still). It doesn’t show in woven shirts, because the issue is most visible near the central gore, but it’s very visible without it and visible under clingy top.
I think that this curved inside cups aren’t right for me at all as I have pointed breasts and they are quite firm, especially on top.
This bra works as a minimizer on me.
Here is another review, much more positive.
May be 32F would be better on me, but I don’t really like the bra and cup shape isn’t right for me. Altered bra served it’s purpose as white button down bra in summer and early autumn, and was laying in the box unworn and unloved most of the time, but now spring came and I need a better nude bra. So, stay tuned for the next review.
PS Don’t get me wrong. This bra is actually great if you need something discrete if your breasts are compatible with its shape and construction. It just happened that mine are not.