I beg to differ. He looks ridiculous b/c he's in that outfit applying cream to a man's face--ie doing the most stereotypically gay job possible ("cosmetology"). It is _parodic_ of disco, but there are/were still hetero-compatible masculine styles associated with disco--Travolta being one. The ad is clearly pointing out that he is _not_ that (ie if they were going for a send up of poor/dated fashion sense, it could be accomplished with a cropped still, or a different clip from the show.). Given what else was possible for the ad--like, really targetting the financial scandals--it is viciously homophobic.
Chrisitan