Overall, I think it's a cute idea. Pink is branded a lot differently than the other VS brands like Angels or Very Sexy or Body by Victoria, and I think many young women realize that. It's more focused on "cute" apparel (including TONS of sweats, tops, dresses, accessories, not just bras and underwear) with fun prints, bright colors. It's not really what one would consider "sexy lingerie". (I worked there and heard a LOT about the differences in branding among the different lines and how we should be promoting them during training and meetings, lol)
Having said that, I do see why people have a problem with it. People here Victoria's Secret and think SEX.
Although I think it's a cute idea, I'll agree with some others and say that my only issue is that it looks like it favors one group over others. But going along the same lines as psusue, I doubt PNMs are going to read into it that much.
ETA: I just remembered that I saw my friend's Pi Beta Phi chapter do a VS theme for Bid Day once, and it worked really well because they played off the whole angels thing.
I obviously don't know all the details because I wasn't there, but from the pictures it looked like they used a lot of pink decorations and theme shirts. The actives wore pink shirts that said "Pi Phi" in the same writing as the original Pink perfume (not the block letters but this, but the ones that look like handwriting) and the Bid Day shirt basically looked like the print on the credit card. They were pink with "Pi Beta Phi" written over a bunch of times in the background then "Angels" really big in script over it (like this:
http://tinyurl.com/296hc5v). I thought it was done really well!
ETAA: I just realized that this is where my username comes from LOL I wanted something different, something that's not linked to me anywhere else when I registered for GC, and this was the best I could come up with.