It's basically dancing around to musical numbers and taking off their clothes. The bits are pretty entertaining, and some are quite funny. And, of course, there's boobies.
They've got bands opening for them. When I saw them in Phoenix there was a punk band called Whole Wheat Bread that was decent (I'm not really a punk guy, so I won't attempt to offer an in-depth criticism). The second band was pretty crappy... but, I wasn't really there to see them anyway so I didn't care that much.
The tix were $10 in advance, $13 at the door... so, if I had paid, I'd say the show was easily worth the money. Luckily for me, a buddy scored some free tickets.