Cat Princess faces the same issues as many other collab units, that being a gradual change from attacker to meatshield, while failing to do both. Luckily, Cat Princess can actually function as an attacker and meatshield, so she can be considered decent.
She's mostly a low-budget Express Cat, meaning she has worse stats and no Extra Money ability, but is cheaper and has a faster recharge. She also still has decent stats and usage in 4-Crown stages. You're most likely never going to use her over Express unless money is absolutely abundant or extremely scarce, but she still works.
As a meatshield, her cost is awful, but if the stage has money to spare, she can work, mainly because of good health and high speed. Just don't count on it too often.
Overall, a decent unit. Free collab units are generally quite bad, and Cat Princess is definitely not the best, not even pretty good, but normally good is enough.
Normal Form: A Cat that looks like Kerihime. Wears golden locks, pink flowers, and a small crown on top.
Evolved Form: Includes tall legs similar to Sexy Legs Cat. Wears pink slippers.
Even though Cat Princess and Princess Cat may appear to have the same name in Japanese, that is not the case, as they use different words for "princess" (Cat Princess is Neko Hime, Princess Cat is Neko Ōjo).