Choli Ke Peechay is definitely an iconic song in every way. Though the movie Khalnayak was remarkable for its time but it was this song that stole the thunder.
I never liked Madhuri Dixit's dress and over all get up in this song personally. In fact, in some shots she kind of looks like a witch as well but having said all that, this is an unforgettable song.
Ila Arun and Alka lending their voices to this awesome song were a completely hit blend. Many people find this song way too cheap because they are using the word "choli" in it. The way our world is going, this one word is so insignificant.
I say this song has is full on entertainment over the decades and will remain so for times to come. Enjoy!