That style has been out for a while now. I see people dressed like that regularly, at work, clubs, etc.. I'm not a big fan of the vests, but it seems that it's a popular trend... and the kids add their own style to it, like the popped out collar, sagging dress pants and what not..
My sister has given me similar styled attire for Xmas and birthday. I don't have a problem with it really. Doesn't look at all different from what's in style nowadays. What I find more ridiculous is sagging those neon ass red and green skinny jeans along with those 80s style sun glasses and gay ass Zack Morris sneakers. But I tend not to dwell on the fashion trends. Tacky appears to be the new "in" these days, and the 80s and early 90s look appears to be a big hit. There are a few bball players with tacky ass flat tops today too.