1) I think there will definately be trickle down, so everyone should get a 2nd round of interview invites. Even if only the top programs hold out past nov 1... I got 3 new interviews, and I cancelled 3 of my other interviews. I imagine whoever gets my openned spaces will also drop an interview or 2... until it trickles down to people who don't feel comfortable dropping any interviews. These next 2 weeks, I would imagine will be busy again, and then it will start tapering off (that's my guess)
2) It's weird, but from my interviews thus far, I would say you have to be careful. One girl stood out b/c she wore a beige button up blouse when everyone else wore a suit. I thought she looked too dressed down. I haven't seen anyone in a sweater. Honestly, I thought the beige blouse looked drap and uninspired... kinda like she didn't care to wear her good clothes to this interview. I dont think you want that notion popping into the heads of any admissions folks even for a second, even if it is something superficial that they get over. b/c 2 months later they won't remember you well and will just remember that gut feeling they formed in the first 30 seconds before you spoke and proved how awesome you were.
In peds, I feel it'd be better, if you are going to buck the trend and go suitless, to wear something memorable. Just remember, any hint of you being "high maintenance" or "self-centered, poor team player" will really be exaggerated. But if you are polite and dont' try to hog the spotlight all the time, I think you would be just fine. But if your personality is already even slightly histrionic, I wouldn't chance the unique threads.