There has been some debate this week in the news if Mark Zuckerberg should wear a suit for business meetings and not a hooded top.
I am surrounded by uniform everyday at school - school uniforms for the students and mostly suits for the men.
There has been an interesting debate about should young, hip, creatives should wear formal suits to meetings.
Facebook has an image - trendy, social. young, hip. Not exactly this image:
Obviously wearing a suit shows respect, shows you are serious and committed to your project. If you are looking for money or investment there is often a need for a bit of "sucking up" to the investors and wearing the appropriate clothes is a good start.
People often cite Steve Jobs as an example of an un-suited professional. Whilst the image below is quite typical and reflected a specific style.
In conclusion - do what is appropriate but retain your distinctive image if it part of your corporate style.