The reading was good.
The story...? Well, I'll echo ElectricPaladin that I think the story was quite over-written. I think I understand the points the author was trying to make -- choosing the "right" evil over the "wrong" one, the fact that ugliness has its good points (the stuff about ugly people thinking before they speak is TOTALLY true, especially if you lump "overweight" into the "ugly" category), beauty being something that can be used to make you do something you wouldn't normally and look past other flaws, all that stuff.
I just didn't like the story, or the way it was told.
First of all, we have Ugliness, who has decided THIS prince is where she's going to make her stand. She visits him in dreams, and from the way she's talking he probably won't remember all of it... I was a little confused by that part, actually. Is he going to remember his choice? Secondly, we have the second thread of the story, where we see what Alna did to make Ugliness want to end her. It was interesting, and was almost an entire story in itself, but I kept getting lost in it and then, oh yeah, this is all a story being told to a sleeping prince by Ugliness itself. Thirdly, we have another denouement by this author that goes on for what feels like too long, all in the future tense. Fourth, I think it was hammered into our heads a little TOO much that "beauty = evil, and ugliness = evil too but at least ugliness isn't lying to you about it". I think if that point had been a little more subtle I might have liked the story more, but it's like the current season of "True Blood" -- to echo IO9, we KNOW the Mickens are trash. You can stop showing us evidence of it any time now.
I didn't mind the lady/tiger ending, myself, but if I was adapting this for the stage or the screen I probably would've shown the end of the kingdom, whichever direction it went (toward beauty or ugliness). I thought the openness of the ending was good, but I didn't feel satisfied.
After hearing/reading several stories by this author, I think she's fallen into the same category I place Cat Rambo: an author who clearly has It, given that she's having success as a writer, but whose fiction I just don't like.