I'm also a female using the Droid. I love its looks personally. I like the clean lines of the phone without the fancy stuff to try and pretty it up. I love the functionality of it, backed by the network that allows me to surf the web just about anywhere. I'm coming from a Sidekick from Tmobile, and I have to say that I much prefer everything about the Droid, even it's flaws to the Sidekick.
I haven't seen the princess commercial, so I can't comment, but I really doubt it would bother me. I think that many women these days want functionality rather than something in a cute package and are willing to overlook the masculine aspect of the phone's design. Its really more about how it works than how it looks as well. My mother loves pink, Hello Kitty and flowers and even though she doesn't think the Droid is pretty, she still wants to play with it when I'm over at her house.
Also, I think that the open platform and the app development were what won me over to the phone instead of a Windows phone. I was also considering the HTC Hero on the Sprint network as well, but the Droids screen was just a no brainer.