You'll have to forgive me...I've played around with photoshop for years but it is only more recently that I've started to play with it as far as 'sophisticated' colour and contrast management goes. Ask me to remove a person or something and I'm golden...but all the blending mode stuff is a little further outside my comfort zone. That being said, here's my take on the photo. There are things I'm not totally happy with, but I *do* like the way the white remnant of the flower really pops.
Here's how I got it.
Created background duplicate X2
On upper duplicate, gaussian blur ~8px
On lower duplicate, reduce saturation ~100%, lightness ~20%
From background layer, isolated subject (in this case, leaves and stem in focus)
Feathered ~10px, copied and pasted onto own layer
Make duplicate, hide duplicate for now
On unhidden layer: increased lightness by 5, decreased saturation by 20
Then, increased brightness by 5, contrast by 20
Unhide duplicate, and gassian blur ~8px
Change blending mode to overlay
Increase brightness, decrease saturation, and increase contrast to preference
From background create another duplicate and move to very top. Convert to black and white. Change blending mode to multiply. Reduce opacity if desired (in this case, reduced very slightly, ie. less than 10%)
Created subtle vignette by duplicating background (one last time!) and applying radial blur ~25px. darkened and reduced saturation drastically. created spherical selection which was centered on photograph, feathered selection 175px, pressed delete a few times.
Et voila!