The suit is dead except explicitly formal occasions. The global financial crisis killed it. Basically every person commuting securities fraud in the oughts did so while wearing a suit. Think about who you now see wearing suits - bankers, salesmen, and politicians. Occupations that trigger a range of responses from general mistrust to downright loathing. Suits have become a liar's uniform. Whenever I encounter anyone…
Depends on the crowd with which you hang out, I suppose. I dress smarter on holiday than in the office. I'll typically take a cream linen three-piece suit on holiday to wear when the occasion presents (surprisingly versatile - minus the jacket and with shirt sleeves folded up to the forearms, it's basically "smart casual", yet put on the jacket and cufflinks and you're ready for a formal event at an embassy), and the last holiday I took - a week of language lessons in Tokyo interspersed with the usual tourist stuff - I wore a three-piece suit minus the jacket (so the waistcoat and a bright but tasteful tie). As you surmise, you get a different response; the response I get generally isn't "this guy is a liar out to steal from me". Maybe you spend too much time around liars who happen to wear suits.