I would argue the bowtie version looks much better although a bowtie is of itself something of an affectation. The two tone shirt with blazer and that collar looks completely over the top. So much of how one dresses is or should be about restraint even if you want to be distinctive. It's next to impossible to describe what I mean but you know it when you see it. I always take a look at myself in the mirror when I'm formally dressed just to make sure I haven't overcooked it.
Another thought about the blazer combo here and the issue of restraint. The blazer is by definition a bit of less formal garment, combining it with the most formal shirt look just strikes a bum note. It's a bit like wearing cufflinks with a sportcoat, or even a blazer although that's more defensible. It would be over egging the pudding.