Think of it as a more intimate version of going to a costume party. You get to pretend to be someone completely different. It may seem silly to some but it's actually a great way to introduce new love making manuevers that you or your partner might be to embarrased to initiate. If you give it a try, do it with an open mind. If you don't think you can do it with an open mind, than don't do it at all.
Personally I find it's a great, open, common way to introduce different sexual behaviors in the bedroom.
It's not for everyone though. Personally I'd wouldn't be able to do it without laughing. I'd overanalyze what's going on and couldn't get into it. That being said I find sexy clothing and attires a huge turn on.
As it was said earlier, either commit to this fully (if you have the mind for it), or don't at all. And more then anything ask him what he expects out of it, and tell him what you personally think about it.