I don't mind the whole "female" version thing so long as it stays with the original idea and character figures as the original male. I once saw a female version of Vash The Stampede done awesomely; she did the coat with a female cut rather then a male cut, the hair was short for a typical anime girl, and her guns seemed a little more feminine.
As per semi-mentioned, I do not like the "female versions" that stray from the character's original idea. I've seen some female Squall Lionharts who wear very tiny mini skirts, the fluffy jacket, and a white bra. Honestly, to each their own, but I do not see that capturing the spirit of Squall in a female form.
And on the sexy / slutty note:
Sexy is a revealing cosplay done accurately and neatly. Slutty is a revealing cosplay that is very sloppy and just thrown together. The first seems obvious that you paid attention to the details and care about the costume. The latter seems like you really just wanted to wear close to nothing and assumed that people wouldn't notice the details next to your amount of showing skin.
I also agree with Cart-RAT. While accuracies are important, keeping in mind that it's better to be tasteful is also key :P
Again, just my opinion. I realize I sound kind of pretentious and mean x3 sorry if anyone is offended!
Check out my artwork if you care!
The Nightmare Before Christmas: Sally
Princess Mononoke: San
Final Fantasy IV: Rydia (2.0)
Magic Knight Rayearth: Hikaru (final armor)
Final Fantasy IX: General Beatrix
Sailor Moon: Princess Serenity
Twilight Princess: Princess Zelda
Legend Of Zelda: Femme Link
Madoka Magica: Charlotte