This is the first I'm seeing this thread.
There are different kind of Chistmas Parties. Smaller companies usually have more intimate settings - sometimes in the office - so something more conservative is in order. Like a cliche thick sweater with the reindeer drawn through the yarn and a santa-hat. Stuff like that. Sometimes if the company is big enough, the party is more of a dance and it's almost a nightclub atmosphere.
If the latter, the picture in the first post is totally appropriate and will knock the socks off the merrymakers.