I commute to my evening job at VT (formal catering department) either in a shirt and tie or a tux shirt and bow tie, jacket stays in the office. Among the many professionals who pedal around campus, I fit in rather well as most of us dress this way roughly year round. During summer session I roll my dress shirt and tie up in my Timbuk and pedal in a t-shirt. My commute is 6 miles round trip, however, so I really don't get overheated, even on the humid days. A good pace is crucial and I give myself a bit more time to ride.
Craig