I agree with FSUZeta. One of the most common mistakes that girls made during rush was to dress in a way that would to make them attractive to men rather than women. I'm not saying you have to dress like you are going to church or anything, but take "sexy" out of the equation. It won't "sell" in the same way that it would at a co-ed social event.
I like the dress a lot, but not for prefs. Go for something more conservative. Think of something you'd wear to your older cousin's wedding. Things like that.
This has been said 1,000 times before but bears repeating. It is easily the #1 dress mistake I see every year during Recruitment. #2 is bad fit, usually too tight and that kind of ties in with #1. #3 non-stop tugging on a strapless dress to make sure it's in place.