I did this once when much younger, in my early 20s with a girlfriend and a friend she knew from work. We had gotten to know this girl well and the girls actually arranged it, talked it about, etc. It was a very powerful, intense, and influential experience in my sexuality, though I didn't realize how much at the time. Though it was only a one-shot experience with this girl and her boyfriend, it was ultimately a rewarding experience. And truth be told, while I ended up with my girlfriend's friend, she and I mostly watched my girlfriend with her boyfriend more than we explored - I was both nervous/awkward about it I think, and turned on more than I realized, and so we ultimately watched them a lot.....brings the shivers over me to recall.