Note limb on insect is graceful (7)
I believe the answer is:
elegant
'graceful' is the definition.
('elegant' is associated in meaning with 'graceful')
'note limb on insect' is the wordplay.
'note' becomes 'e' (musical note).
'limb' becomes 'leg' (leg is a kind of limb).
'on' says to put letters next to each other.
'insect' becomes 'ant' (ant is a kind of insect).
'e'+'leg'+'ant'='ELEGANT'
'is' is the link.
(Other definitions for elegant that I've seen before include "Neat leg? (anag)" , "Stylish in appearance, a gentle kind" , "Refined gracefulness" , "Ingenious" , "Well-turned" .)