As most Butterick (and Simplicity & McCall) patterns go, 4954 isn't a bastion of historical accuracy. However, I've found that the pattern is a great catch-all when I'm in need of a high-necked jacket or a pretty skirt.
My first experience with the pattern was my Queen of Hearts costume. I used the jacket part.
I changed up the pattern some, pinning up the flaps in the back rather than the front (for the butt hearts and to make room for the bustle), and not including lace around the sleeves and neck.
Butt heart ahoy!
The jacket pattern was fairly easy to follow, and ended up being completely lined. It had a very polished look and I can tell that some care was put into the pattern creation. I've also found that the high collar is a go-to part of the pattern for me when I run across other costumes that need that particular shape and type of collar. I've cobbled it onto a few dresses now, and I'm using it in the Gankutsuou costume.
I sewed the skirt (the black and white striped skirt in the pattern image) for a steampunk birthday party last year, and found that it also fit nicely and came together just as I wanted. I don't have a photo of the completed item, but I would recommend the pattern if you're looking for that specific shape.