I'm an Iowa who grew up with the full-fat version of the seven layer salad, and I must say that we really enjoyed this at our house. The only changes I made to the recipe were to use 3 colors of bell pepper instead of just yellow (food rainbow!) and a tad more celery (we adore celery at our house, though). Throwing in some purple lettuces wouldn't hurt, either. The dressing was perfect the way it was; I didn't need to change anything about it.
The flavor isn't exactly like the old-time seven layer salad. It's different enough that you can't "smile, serve it, and shut up", but it holds its own as a new recipe twisting on an old favorite.