Yes, it is like a Cher outfit, but Cher did it better.
I actually really like the jacket, the belt with the chains, the fishnet on her top half, etc. I would have preferred to see pants or a skirt with rips held together in some intersting way with safety pins, leather leggings, bondage pants, or maybe even a variation of the poofy skirts she wore when she was young. (Actually, a variation on the poofy skirts would have been awesome.) As for the wig, it reads more as Bettie Page/dominatrix than punk to me. A real punk hairstyle would have been more refreshing.