I kind of think it depends on your neighbors.
It's cool to "go green" and to encourage all of your neigborhood to do the same, but unless you are putting ALL your wash out, and mixing your gear into it, it might look a bit unusual to be putting a load of clothing out there that is just jocks and underwear, with out jeans and tshirts as well.
Also- dude you're kind of basically putting your balls out there to the neighborhood... this is what I wear under my jeans- I don't care if you peek at it...which is cool if you have other guy neighbors who do the same. If you have a bunch of families around you, perhaps conservative ones- they might prefer you to dial it back a bit and keep your personal items a bit more private.
Then again, maybe you have a bunch of good natured roustabouts that will see your FTLs and BIKEs hanging on the line, and decide to fly their tightywhites in the wind as well! I guess you can take your cue, in part, from the homes around you.
Let us know what happens dude | 
