The light is what initially strikes me about this photo. Well, two parts to be specific.
My favourite use of light is the lighting of the model, where her every perfect feature is properly accentuated, leaving the viewer in awed disbelief of her apparent perfection. The mix of softness and hardness of the light in this photo is sublime.
Secondarily, the light "bubbles" in the background were an excellent way of bringing something new and inventive to this style of photo, but I believe that they could have been used more effectively. This is primarily for two reasons; lack of depth, and lack of quantity.
The lack of depth is what initially strikes me as a mild letdown. When I viewed the thumbnail of this photos, I thought the lights were actual physical bare lightbulbs that had been hung at different heights behind the model. Upon viewing a larger version of the image however, I was disappointed to find that they were just circles of light projected on the back wall. The slight chromatic aberration was also slightly irritating, although I admit this is a personal sticking point, and many may never even notice it.
The lack of quantity is what irks me secondly. The concept was excellent, but besides that fact that they lacked depth in the photo, they appear to stop at the models waist, drawing the viewers eyes away from her shapely legs.
Overall however, I was quite impressed with this photo. The model was fantastic, and the lighting of the model was equally praiseworthy. Both serve to make an excellently photographed subject, but I would argue that the background does very little to add meaning to the photo, as it appears to be just that; a background. Without even a little interaction, I think it's potential was fairly unused.