I used to wear baggy cloths all the time. I'm 6ft, 165lbs average build, wear size 33'' pants, small to medium size shirts currently. Two years ago and before I used to year baggy stuff, like 40'' pants and XXL shirts. ^^;; I found them comfortable and still do in some ways, but I never wear big stuff like that. Plus I kind of like having stuff that fits me now...I feel a sense of power when I have a wear a beater under my normal shirts (which are normaly small~medium).
When it comes to colors, I've always prefered dark stuff. Right now I normaly wear blue jeans and a black shirt. Somtimes I'll wear something different, but 70% it's always black jeans and a black shirt. If I could afford to change my whole wardrobe I would buy everything all black, stuff thats business-casual and sporting cloths (I like how basketball shorts feel, but not really appropriate for occasions outside of exercise).