I like the first one....in the second one, having the smaller photos closer in size to the main one, and having them arranged on two sides of the main one, makes it seem more disorganized or cluttered or something.
The first one just is more soothing to look at, makes more sense to my eyes, IYKWIM.
The only thing I dislike about the first is, IMO, it would look better with a wider angle on the main picture, so that the inset pic doesn't cut off your older dd's chin, kwim? And maybe a thin black border instead of the shadow effect applied to each of the insets would be a bit more defining.
Actually, the only thing I dislike about the second one is the size of the photos. I think there should be a more obvious difference in size between the color one and the sepia ones. If the sepia were smaller (and the color one larger), the layout would work a lot better for me.