I think the full-on pilot outfit has its place. When doing a mates wedding the other weekend, I 'borrowed' a blue jersey and some four-stripers and also some exceptionally shiny shoes. Really looked the part for the photos.
I suppose there is a side-effect of instilling confidence in your passengers. I mean, would you prefer to fly with a single striper or a four striper at the controls?
Or to put it another way, when you go in MacDonalds - do you prefer to get served by the bloke with 5 stars , or Johnny No-Stars...?