I actually thought Nicole's first commercial was excellent. Any problems she once had with spokemodely stuff seem to be history--she sounded very natural. It goes without saying that she looked great.
To my memory of the past Top Models to do these commercials, she's certainly doing far better thus far than anything I recall from Naima (who looked great but sounded horrible).
I kind of liked Eva the Diva's commercials, so it's a bit early to compare Nicole's to hers.