I've done it at a few parties. Very provocative. Only done with partner I know well who I respect and he respects me. A hard yank of the chain hurts like hell so you definitely want to be wearing it on friendly terms. Definitely keeps you beside your man. The other guys know you are owned. Very hot when wearing something revealing.
As a husband of a white wife there is something that is very exciting about dominance of a black man using a collar and chain. I imagine it would be a mixture of emotions watching your own wife being forced and treated like a animal. Sounds super exciting.