IMHO the Italians are cooler (think Gere's Armani swagger in American Gigolo); the British more stylish (think Sean Connery in Dr. No dressed in his Anthony Sinclair suits and cocktail cuffs).

You can be la dolce vita with the girls after hours and proper English at the office.

I think the NYC look is an amalgamation of the two. Paul Stuart is an excellent crossroads of the natural shouldered approach blending both Italy and England.

I think as New Yorkers and as Americans we tend to love the soft natural shouldered look the Italians can often produce with some of the brighter colors the English have to offer. Although that's really not strictly true because the Italians produce some incredible colors. I think of Italian style as a more elegant version of American NYC board room style. White and blue or mini bengal shirts with expensive woven ties in a blue or dark red background, solid or pin stripe or chalk stripe suits in a medium to dark grey or blue and mostly black but sometimes dark brown calf or suede shoes. Although we are starting to branch into those bold English shirts again.