This Moire effect is very handy when you don't have whimsical panties/tights: just wear 2 tights (same brand, black ones 20 or 30 denier for the best effect) on top of each other and the pattern changes while moving your legs.
I don't think Moire invented it with that purpose.

I tried to explain this Moire pattern to a collegue, but I didn't want him to fixate his looks on my legs constantly, so I'd showed him , wich has some interactive examples.