Lets start by, does this meet the challenge...yes, I think this is a great Transparency picture. Your exposure time is great, one of the best I've ever seen. The highlight on her chest looks really good. She is a very pretty model.
I can't find anything wrong with the picture. I think where you lost points with the voters is her head is cut off. But having her head in the picture you lose the focus on her chest. I guess it can go both ways. IMO
I hope my critique helps. Great job and a great picture!
There are a number of 'transparent people' shots in this challenge and this is by far and away my favourite. The amount of the exposure time devoted to the model seems to be absolutely spot-on. The right shoulder, for instance, completely covers the background, whereas the side of the body fades away smoothly. The texture of the background is conveyed well, too.
Nice "double exposure". I would have preferred a little less highlight on her chest, but maybe that is required to give her more "substance" (ie block the background). 7