Up and away/ in my beautiful balloon
"I've always wanted to see girls, preferably wearing as little as possible" - the internet will be perfect for you.
"There was a similar fashion show in Japan, a few months ago, with designs by students at Tokyo University" - there's a piccy here:
Surprisingly, I cannot find any more photos. The official site has some concept art:
The designs seem to have had more thought put into them, and the competition had been running since 2006. Perhaps The Register's article is about an imitation that was knocked up quickly over a weekend.
I choose Paris Hilton as my avatar, because she is an equal and opposite reaction.