I find it interesting that when asked an open-ended question about modesty, just about everyone in this thread responded in terms of sexuality alone. AFAICT, nobody spoke to another major aspect of modesty: ostentatiousness and displays of wealth.
From what I've seen, perceived displays of the former usually seem to be frowned upon and talked about more than the latter two. I realize that may differ from culture to culture, but most times I've heard "modest" dress code being discussed, it was primarily referring to sexuality-related aspects of it.
Now that you mentioned displays of wealth, I hear far more people criticizing certain clothing styles for being "too revealing" as opposed to this kind of thing, for instance: