The look for humans on Babylon 5 was not contemporary. Not with this part of this century anyway.
There are subtle overtones of the 1940's in the dress (just a little in the stiffer collars). Business suits in Babylon 5 have gone on a trend that you can imagine if you cast styles forward from now for another hundred or so years (leaving out the anomalous little fashions that creep into clothing in decades (e.g the 60's).
The overtones of the 40's is intentional (its repeated in the dancing music composed for the various scenes of people partying throught the series) its a reinforcement to the sense of wartime that goes through the series.
Overall it shows a business look that has been washed out for a hundred years into something more business-casual as I think it would be referred to today.
I'm not saying the B5 franchise did'nt make it's own mistakes, Crusade realised what a horrible choice it had made so much that it shuffled the episodes around and put a 'PR' plot in a storyline to get rid of the Bell-Hop outfits by the end of the first series.
NuBSG Business suits look too contemporary - the look off the rack for any generic law-political intregue show.
Yes, Is do recall Baltar's outfit looked ok in the opening scenes on Caprica. The scary blonde lady he keeps talking to looked too contemporary though - she's clearly a bit of a vamp though so they aught to have kept her in a red clothing theme - I seem to recall her in red a fair bit - good choice.
Colours are important in myth - the reasons Luke and Leia first appear in white in Star Wars, and why after Luke faces Vader for the first time he next appears in black - the colour of his enemy. Also why Flash Gorden after he's revived from death dons Mings colours. In both cases its symbolic - they've face their enemy and are now ready to take them on - They've been through 'the valley of death' (to use christian mythos) and return changed. Just as Sheridan changed after Zhaha'dum.
Remember - I've not seen passed season one of NuBSG yet.