Hm, I always took it as a spin off Rinoa in FF8-quality graphics. Or it could just be that the computer did not have enough RAM to make or render the CG.
And yeah, its total fan service. I personally wanted to make it, but I would never wear it out since I'm insecure about my body X3~
Here are a few links to some of the cosplayers though. It works well with some people, but others make it small enough so it looks like it's completely falling off. Or they don't hem it ... @3@;;
http://images.cosplay.com/gallery.ph...2&member=28353
http://images.cosplay.com/gallery.ph...8&member=38258
http://images.cosplay.com/gallery.ph...8&member=38239
http://images.cosplay.com/showphoto.php?photo=159718
http://images.cosplay.com/gallery.php?member=17955