As a follow-up to my previous post, Richard Press (formerly of J. Press) and Paul Winston (formerly of the defunct Chipp) have both opined about black clothes.
I'm also indebted to Will Boehlke for first calling my conscious attention to the view that black doesn't look as good as navy or charcoal in stark sunlight.
I remember reading on one of the style blogs (unfortunately I can't find it now) that, in firms that still require business attire, black suits are frequently seen at lower levels, but become more sparse, eventually disappearing, the further up the ladder one goes. John T. Molloy also wrote about this. Everything else being equal, anyone who doesn't ditch the black suits is unlikely to go very far up that ladder.
Other than dinner clothes, black should basically be reserved for shoes; ties; belts, if you must (suspenders are better); and socks, if you must (matching your pants, or using a different color than your pants and your shoes, is better).