Ever hear of Harry Blackstone? The dancing hanky was one of their (both Sr. and Jr.) signature effects. Copperfield does a similar effect using dancing ties. However, I'm dont know whether the effect you are looking at uses the same method as Blackstone or Copperfield.
The real answer to your question is that it depends on your presentation skills. Is it something that fits your style and that you can see yourself performing?
Copperfield actually did a Dancing Hank routine sat on an Art Deco styled Bar long before he did the Neck Tie version (both are classics pieces of his). The Blackstone handling is some what dated, using the old Degoba Box, etc. (I think Jr. ended up with a little haunted house in his shows, memory serving...) Henning had a very fun routine he featured in at least one of his Tv specials as well as on Broadway... there are many other acts of note, including Dante.
The Classic Dancing Hank does require a stage to work as well as some backstage assistance, it's not an effect to take lightly; there's lots of work to be done in order to make it work. It is however a very fun and funny bit of business that will give you loads of solid play and positive public response WHEN IT'S DONE PROPERLY. I'll add that it is one of those routines that is "safe" regardless of the performer's age, so long as the performer knows how to play things in an age-appropriate manner.
There are likewise add-on gimmicks that can be used in conjunction to the standard Dancing Hand set-up, such as the Don Wayne "Pranky Hanky" gimmick (think "Zombie" but with a very animated silk), glorpy and the solid Ghost routine, Self Untying Knotted Silk, etc.