A lot of great minds limit their wardrobe to a few items. It frees up just a little more time each day for other things. It's very utilitarian, but it's also one less thing to worry about.

I think this mix-and-match approach is kind of how most men handle their wardrobe. Nearly every shirt I own can be worn with any pair of pants without much difficulty (though tossing on a tie may take some finessing, as some colors and patterns clash a bit). Suit jackets usually need to match a little better, though, but even then it doesn't necessarily pose a problem with most business-wear. I always figured more women should do this, too, rather than have the blouse-skirt-shoes ensemble that can be worn only in that one combination effectively. It just seems more efficient to have interchangeable tops and bottoms and a few pairs of shoes where at least one simple footwear selection will match. And it's way cheaper to have several interchangeable articles rather than tons of complete outfits. I didn't realize anyone had coined a term for it, but the pragmatist in me likes the concept.