He's been working with sex for quite a while in his collections. The super short hems and body conscious dresses ooze erotic appeal but in earlier collections they held a certain amount of sophistication that made it bearable and even intriguing. This, however, along with with last season lacks any of the cleverness and skill you'd expect from a Paris based designer.
I like that's he's establishing a code and a wardrobe of key pieces that make up the brand. Each season he reinterprets them for the Balmain client, on paper this sounds really exciting, far more interesting than the designers who flip flop every season never giving their customer a sense of definition or identity. But my doubts swell when I see this customer in all her bad taste and lack of self-awareness. This Balmain woman is not so introspective, I imagine her thoughts being mostly banal and shallow, and I don't think she's going anywhere where she would need to make anyone consider anything but her wealth and the clothes she buys with it in order to exude a crude and unrelenting aura of raunch and sex.
That said I could totally see someone wearing this with a distilled sense of irony and looking quite chic.