For me, a suit is still the staple in any wardrobe. No person can dress better or more elegant than a perfectly fitted suit. Although fewer people choose to wear a full suit unless the occasion calls for it there is no reason not to have any. I have even seen the look spread more commonly into ladies wear who can pull the look off just as good, if not better. I often forgo the waistcoat and opt for a two-piece, but the empowering look and bold statement a suit can make should never be underestimated.
My dress sense has improved over the last few years, better brands, actually using stylists and matching my attire better. People definitely treat you with more respect in the business world when you pull out a suit.