My first reaction is: It's a stripper pole. Can't totally shake that first reaction.
That said, the push to legitimize this as a sport has produced a pretty remarkable new subset into the performance art/athletic arena. This girl clearly possesses similar athleticism, strength, and grace to a gymnast or a dancer. She's found a way to use the pole as a prop similar to the uneven bars, high bar, or horse, and her routine has the same feel as a dance recital or gymnastic floor routine.
If they can shake the first reaction to the pole, I don't see why this couldn't develop into a legitimate athletic competition.