The quests to get it look very long, as described on Stratics. But I have no clue if there is any real point in getting formal wear, and I don't want to waste my time unless this is something useful.
It's one of the only nods towards RP/non-combat-related things in L2. It was a step in the right direction, it's just too bad that it rivals EQ1 Epic quests in complexity.
I love all the small accessory items... though i may only have two lol. :p
Even the baby pets are fun despite ppl arguing about the point of them. (heals not worth enough)
I think I would own my pet despite the fact it didn't do much else.