At least in NYC it is still fashionable to dress well (as in curating one's own style or to the upper-end styling haute couture well). If in NYC it is still fashionable, I am pretty sure it is still fashionable in a lot of places :)
My finger may not be on the pulse here, but I think we all deep down believe that a classic suit and tie is still dressing well... even if we choose not do it.
I don't think it's fashionable to actually dress well anymore.