The reality is that we live in a world where people make a lot of judgments about you based upon the way you look, this is especially true in the socialite scene.
Gents – Wear a suit, yeah I know suits aren't terribly comfortable but a suit makes a loud, clear statement: I do things important enough in life that I wear a suit. Unless it's a really swanky function I do not recommend a tie though. I recommend leaving the top bottom on the suit undone, women find this look very sexy. I recommend buying your suits at Express for Men where they run around $300, I bought a suit about 4 years ago at there. I'm amazed at the amount of compliments I get on it after all the drinks that have been spilled on it and all the adventures it's been through over time.
Ladies – I'd recommend a cocktail dress, there is truly no better way to strike the delicate balance between sexy and classy than with a cocktail dress. If it's more a business setting a lady suit is fine. Also get yourself a small purse for when you are going out. Women who are out socializing with large purses are just clumsy looking.
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