Advantages:
1] Your clothing NEVER goes out of style.
2] You never have to decide what to wear.
3] You always match.
4] If you didn't change into your Shabbos clothes nobody notices [just take the pen - or phone - out of your shirt pocket].
5] The "לא שינו לבושם" thing [even though I am well aware that we don't dress like our ancestors did 2000 years ago].
6] If you are single - "The chicks dig it". [60's expression generally used by young men who wore leather jackets and had gel in their hair (like Fonzie), meaning that Bnos Yisroel are often looking for Yeshivish boys with whom to build a bayis neeman].
Disadvantages:
1] Finding your hat and coat in the coatroom of a Yeshiva when there are hundreds that look the same.
2] Stains show on white shirts.
Conclusion:
Advantages outweigh disadvantages. But no חיוב!!