Originally Posted by Manton
Short answer: No.
Long answer: 3 buttons is the "original" SB style, or at least it came before 2 button SB. It is therefore more classic and always will be. In terms of what is being made and sold, manufacturers sometimes favore 2B over 3B. sometimes the reverse. However, neither style is ever really "out" in the way that certain women's styles go out, or (say) wide ties go out.
BTW, you will have a hard time finding an Italian 2B suit. For them, 3B is always "in."
If by "out of style" you mean, currently out of fashion among the fashionable set, the answer is actually, yes. A majority of designers have been stressing two button styles for several of years now, in both sports coats and in suits. Of course, in Idaho, I think that the three button trend is just picking up steam (I'm living on the Idaho/Washington border right now.)