Nike should make a dri-fit version of the whitecoat with a neat swoosh on the pocket.
This already has elements of the pro/con having red hair on the psych rotation discussed on medscape medical student.
If you are the only one showing up to a costume party, you feel stupid having dressed up. If you are the only one dressing in a white coat, and nice shoes, you feel stupid. Peer pressures makes it legitimate to be vain, that is why it is important to wear the white coat, so the other doctors feel comfortable wearing one too.
As for the professional issue, a uniform serves the purpose of creating authority and distance. Authority is good, because then patients will STFU, stop asking questions you can't answer nevertheless, and don't dare to bark if the physical exam is uncomfortable, or if they can't get the answers they want right away. Distance is good, so they don't expect you to be a pal, etc.
It is kinda funny that casual dressing is something pushed by individuals, whereas formal attire is something your boss is interested in. E.g, as a boss, I would believe it to be good for business if my doctores dressed in a less intimidating way, and were more approachable, and less elevated. As an individual, the logical solution would be the other way around. I do not benefit from dressing down, but I do benefit from dressing classy. The chances of focking a girl is substantially higher, the better you dress. If you are hoping to fock a female superior, how can you overcome the status disadvantage if you dress like a slob? Think they all secretly have a fetish for rock stars?
I suppose some people still wear a t-shirt and their favorite converse shoes, because they feel that a decent tie and some nice shoes are too associated with the upper class, and some intellectuals are not too keen on being perceived as snobs.