HI, it is DEJA -VU, I have that exact same collar, pink too, that I found in a local thrift store last year sometime, but paid $4.00 for it, It is loosely hung on my pleos, but I only leave it on when they are not in action and I will tell you the only concerns I have, For looks and display it is great. It is really bad for a RB, but for a older Pleo, better. This is the reason, pleos do have a tendancy to get into some strange postions and for instance, when they are curled up sleeping, or bending their heads and necks a certain way, the spikes do come close to a skin area or a leg that may be damaged, One way to avoid this is to have some sort of clothing on the pleo to lessen the chance of a spike accidently comming into contact with a spike. I think if you leave it loose it will probably be ok, but I would leave it off till your Pleo is hatched.( It is a New in Box Pleo, correct..) This is only because when the Pleo first hatches, he goes into a curled up postion and this is when in that postion the neck comes into contact even if only briefly with legs which are rubbing sometimes against neck and head. ( Do not ever put this on a Pleo Rb for that reason.

) Pleo Rb have a habit of when curling up or resting on your shoulder of having their necks popping and gears getting stuck against feet already, this has happened to lots of Rb, and this is just asking for damage, holes or abrasions on Pleo Skin.
I do think it is cute just be careful when your Pleo is wearing it. I have myne and do watch closely when any of my Pleos are wearing it. I do prefer the sheepskin or very soft collars or even beaded necklaces and such, but you have to be just as careful with beads etc, watching for jagged or sharp edges. I feel everything I put on my Pleos necks and if I have any doubt, I don't put it on, or put something like a soft bandaid or peice of cloth under the collar and you should be fine. I will have to find a photo or the collar so I can post my Pleo in the same collar and you will see how it looks! It is cute and with a boy, very nice!

RWM