Both. It depends on the color and what you are wearing. With a black dress, I would say the first. But I am talking flat brass with the longer strap. The First is just too darn small for me for everyday use. The strap is too short, the bag too small, it just isn't right for me. My friends say it looks like I am carrying a kids bag.:s I'm 5'7" so maybe you have to be shorter and thinner to pull that one off. I've seen it on other girls here and it looks fabulous.
The box is more structured and I only have one box, a Calcaire. I did use it for a function that was dressy, but not formal. I wore ivory pants and jacket with a pink shell and carried my Calcaire box. It looked nice.