You can find amazing examples of it being done well on this site, I've come across them in WAYWTD and they look excellent. Whenever I do it it looks too plain so I avoid the look. I think if you do it with some fabrics that have a little more texture and substance to them it looks even better, like a flannel wool or a wool cashmere mix.
I save some pics here and there usually because they've got something good about them. anything from fit, color or texture combo, certain items i also own but need ideas on how to wear, etc... after 4-5 years i've probably got about 1500 pics saved and a simple search like 'navy blazer' pulls up a bunch of pics.... if anyone wants a pic of them taken down just say the word. PS - I think Gregaz and DocHolliday constantly get spot on fits, but then again it helps to be so slim.
IMO gray pants look way better than tan/khaki. The tan/khaki look just comes off as terribly yuppie to me, especially if you are also using gold buttons. I would say that I prefer medium to dark gray, though - not light gray.
I think it's a classic look... can't really go wrong IMO.
I think your very wrong with this statement. There are tons of ways to go wrong with this look. There are ways to pull it off like having a pair of pants that arent super baggy and wearing a blazer that actually fits properly. Unfortunately 90% of the people who wear grey pants with a blue blazer dont have a clue and they ruin it for everyone else. Its the same thing with Polo shirts and khaki colored pants. Yea the look may be associated with a few retail companies terrible uniforms, but if you wear pieces that fit properly and flatter your body then you will pull off either look and make it look cool.