"Classic Menswear" is definitely better than "Men's Clothing". I interpret it as simply a jacket-and-tie mode of dress, no matter what the silhouette, era, peacock-quotient, etc. I don't think it was ever meant to mean "timeless" -- just suit-and-tie based. Streetwear is sort of by default "everything else", though there are still plenty of suits and tailoring -- just a more casual way of wearing them.
Thom Browne is a good example of a designer take on the suit-and-tie mode -- playing with cut and proportion to create something new or different. It's not just a shrunken, overly tight suit.