I was actually thinking I would really like this judging from the first few pics. There was some color (seriously, he doesn't use much more color than Ford did), and more importantly there was some sex...which he's pretty much shied away from. And I was glad to see him move on from his pseudo-avant garde phase.
But this is actually pretty flat, and not in a bad-economy-safe-clothes way. There is some sex here, but he still doesn't seem to just go with it, it's like he fights it, and he needs to realize that sex is just as much a part of the YSL legacy as color, romance and tailoring.
That said, I definitely get a Belle de Jour vibe here, just not as subversive as with Prada in Milan. The caging, the lingerie, the hair, it's all there but I don't think he did it with a lot of conviction.