Does Professional Attire Even Exist Anymore?

I'm sure some people still have to wear the proverbial business suit to work. I'm also sure this will always be the case, but more and more I'm noticing people wearing, well, exactly what they want to conferences, the office, and meetings and I wonder if every day isn't business casual day now.
While I love that people are more free to choose how they represent themselves at work (there is so much more out there than just Ye Olde Business Suit), I am pretty surprised at what is passing these days.
On the flip side, it's expensive to be "business trendy" all the time. And for people who aren't really into fashion, this can be daunting.
How much does our attire really say about us at work? I see tons of Creative Directors that feel they have to dress the part, same goes for advertising and marketing.
This will kick off a series of posts on dressing for the workplace if you need to break out of the business suit routine and aren't sure how.