Oh Blizzard, you've made me the happiest girl in the world.
While I'm aware that it isn't certain, I believe this might be a reference to the Jonathan Coulton song, Mr. Fancy Pants a video for which was created by the user Spiffworld.
Spiff himself is a common entrant into Blizzard's machinima contests, and has won a few of them.
The song itself is about a man with very little going on in his life other than the 'Mr. Fancy Pants' competition, in which the objective is to have the fanciest pants of all the competitors. He is beaten by the song's singer (couldn't think of the word), and spirals into a deep depression, having lost all that was worthwhile in his life, being a very shallow man as it is.
In other words, with these on, you'll be the best in terms of pants.
"I am Henry the Red. Duke of Shale, Lord of the Northlands and leader of its peoples."
"Well Hello Mr. Fancy Pants! Well, I've got news for you pal, you ain't leadin' but two things, right now: Jack and sh*&!... and Jack left town."
Totally mistook these for crotchless pants the first time I put them on my priest. Had to do a double take.
I was surprised that they weren't neon orange.
"I'm so fancy, you already know. I'm in the fast lane, from L.A. to Tokyo..."