This campaign featuring NBA star Larry Johnson dressed as his "Grandmama" ran for years with numerous additions. While it started off as the same old Toostie/Mrs. Doubtfire joke of a man dressed as a woman, it later took on gay sensibilities as with this play on the "Wizard of Oz."
The earlier ad had the coincidentally gay/trans-friendly tagline: "It's what's inside that counts."
This ad is a classic example of the old-fashioned joke of a straight-man-in-women's-clothes. In the American nomenclature, a man wears women's clothes usually for two reasons: as a joke or if he's gay. This commercial is "safe" because we know from real life that Johnson isn't gay and that he's dressing up for fun in the commercial.