I'm intrigued by the idea of a personal color palette. I like the idea of really sticking to what looks fabulous on you, color-wise, and making it your signature. Of course, the flip side is wearing the same colors over and over - but we all do that anyway, don't we?
Given the economic downturn, I think people will really focus on investing in classic, quality basics in the colors they love. Over the long turn I think America will see a shift toward the more European style of dressing: a small, well-edited wardrobe where every single piece does its job.
I see my wardrobe converging toward a certain color palette, and I like it because it makes mixing-and-matching all that much easier. I'm moving away from black a bit in favor of ink blue (sounds so much better than "navy," doesn't it?) and gray (which is a hot color this season, or so the Nordstrom lady told me). I'm embracing purple (especially eggplant) with enthusiasm.
In short, I'm wearing a lot of ink blue, gray and deep purple lately, and my recent purchases stick to this palette pretty closely. Maybe it's not the most exciting color palette, but it's a flattering and sophisticated one.
For the sake of contrast, I'm looking to inject a bit more cream into my wardrobe - I love this coat, though I would have it altered to be a 3/4 sleeve rather than that crazy bell sleeve.
If pressed, I think I could be happy dressing exclusively in ink blue, purple, gray and cream (though I would miss wearing teal sometimes). What about you?