@Kilgore I absolutely agree with you. Clothing is a huge part of how you present yourself to the world, and perhaps the biggest aesthetic choice you make on a day-to-day basis. I am a student, and most students dress like they're homeless.
Decline in dress codes may have something to do with it, but frankly you can wear formal attire and still look like a retard. I think it's about dressing with grace, which can even be done with the lowly t-shirt in slubby cottons, terry cloth etc.
I live in a temperate climate and wear a lot of linen. It's breathable and looks even better when it's a bit wrinkled. Top style icons for me are 007, Cary Grant, Steve McQueen, Dickie Greenleaf, and Ralph Lauren (my favorite Jew). These men all dress with power and aplomb: they are at ease and in control of their environment.