I need to get going on Christmas p.j.s for my kiddos, as well. We give them every Christmas Eve. The kids all pretend they have no idea what their Christmas Eve gift will be, and DH and I always pretend it's something different than last year. The kids seem to have a contest to see who can look the most genuinely surprised. Funny little tradition... in fact, it's what my parents did with my sisters and I till we all moved out!
I think it is absolutely stunning - I would absolutely wear that, but I think I would (personally) prefer it just slightly smaller... maybe 4 inches instead of 6? I'm very narrow shouldered, so it doesn't take much to overwhelm me. It would be perfect with a simple black cocktail dress.