You have to wear it with your tongue in your cheek, I think, but it can work as an alternative to Madras on warm - perhaps not sweltering - summer days.  I seem to remember my example as being quite chunky cotton for a summer shirt.  But England being what it is...
The only drawback perhaps is it can't be worn under a sweater, unlike Madras, which we'll sometimes wear on into the autumn, beneath a crew neck or even a cashmere v-neck.  Possibly not a look to overdo. 
Has anyone got that photo of Monty Clift in a Hawaiian shirt and slightly naff looking leather jacket?  I think he's also wearing loafers.  A true style icon even when at his most wrecked...