A step up from regular non-tailored button down shirts, but still ranks at the bottom of the pile when it comes to interesting, different, unique men's clothing. The button down shirt is the most drab, mundane, boring piece of men's clothing out there. It has become the official "I'm a young professional and am going out with my friends on Sat night to get wasted and hit on chicks and talk about my portfolio" uniform of the past few years. I've actually gone to some bars/lounges and counted the amount of dudes in button shirts (striped is very popular too) and almost died laughing at the numbers.
Read this:
http://www.thephatphree.com/Features.asp?SectionID=11&StoryID=239&LayoutType=4.37929571489181
Don't get me wrong, a tailored button down shirt in the right color and with the right pants / shoes can look fine in the right environment, just beware of the stigma attached to it.