Trousers are great, with fewer breaks in the fabric than jeans, giving you a a nice, consistent, pattern; anchoring down your top. Elastic is great too, it's easier to pull on in the morning than belted or buttoned pants and is pretty comfortable to boot. The love child of these two things should be great, but ends badly. The product reminds of elastic old man trousers: the kind they piss themselves in, not the kind they look killer in. Plus, pleated denim doesn't look good on many people... And that's why this piece of clothing doesn't work.
In other news, Old Skool Chambray. Old Skools are making a comeback this fall, just you watch. I won't be rocking a pair (they're called Chucks, and I'm a believer) but if you're one to chase fads, I say go fer' it.