A matter of context, then, yes?  But that old soul scene, with clubs in places like Kettering, guys who considered themselves 'Mods' dancing in tailored blazers (if not khakis or chinos) has more latent appeal (okay, retrospectively) than that of sweaty vests in Wigan.  But now, for however many years, the look may have been so badly diluted/copied/done to death it becomes meaningless within an Anglo setting.  In the USA, however, given the right environment, it might still work very well.  Here, in a quiet rural or seaside town I might opt instead for some unstructured cotton jacket with slightly full cut trousers of some description - again, I suppose, in cotton. 
I understand TRSs aversion to chinos in England as a rather dowdy look.  It's a look that's been - to put it kindly and mildly - 'borrowed'.  A guy doesn't want to wear flannels (say) on the one hand or denim on the other.  So he goes for the kind of chinos I'm wearing now, as a 'safe' look.  No connotations.  Nothing.  Exactly like wearing Ralph Lauren, Lacoste or Fred Perry.  Just something to wear.