What's everyone's view on fancy dress?

Personally I loathe it, and can never be bothered doing the whole dressing up thing. I can usually be found somehow trying to make my day-to-day clothes be fancy dress (example: turning up to halloween one year in my usual leather jacket, jeans and converse, and told anyone who asked I was a Ramone. One of the dead ones. Yeah.)

What are your views on fancy dress? GO! (funny fancy dress stories also welcome)