Right now, yes. Sheer tops with next to nothing underneath are big at the moment. Infact, on the runways and in the magazines no body is wearing anything underneath. Don't do this unless you are at a douchbag-less party or on a beach in europe.
In my opinion, the plainer the bra the better for this look. Stick with black, white, or nude without flashy details. The very plain jersey bras at American Apparel are a good example of this though some may choose a similar design that offers more support.
Keeping the undergarment simple puts the focus back into the top.
The revealing aspect of this look makes it a bolder statement so balance it with some more modest pieces. You can always cover the look partially with a light jacket or vest so you get a peek of bra without revealing the whole thing. Actually, on a extra hot day, a long/large necklace would have a similar effect.

If you go the "nude" route, seek out a bra that actually matches your skin tone. I find that ivory or pale pink works much better for me than the ubiquitous beige.

As evening wear, out on the town? Sure. Why not? Lunch with friends? Daytime appointments? Iffy. Maybe when you're on vacation at the beach. But never, never in business mode (unless you hook and not even then unless you work the streets).

May I be blunt? You never want to do anything to draw attention to your tits (or ass) unless you are in a situation where you want that kind of attention.

Of course, taste and decorum are, to a point, a personal matter, and this is just my opinion. BTW, there's such a thing as stage wear for women in show business. It can be rather gaudy and revealing - which is normal for show biz, but it doesn't really work as daily street wear. There appears to be a subculture that doesn't know that.

White shirt? White bra.

Speaking as a mostly straight man, what you are suggesting is a super sexy look, and will never go out of fashion. It might be appropriate in some contexts (like going out on Saturday, saucy summer day, SEAF) and not others (the office, hiking, classes). But it's a delightfully cute. I think the other folks' suggestions and comments are accurate too.