I found this blog post by Everything-Everywhere. It's a little hardcore about picking travel clothing, but the thought process is good. It's a great article if you're interested in long term travel, an interesting article to get you thinking if you're doing shorter trips. This guys next posts will involve some other packing tips - shoes and accessories.
I don't travel quite so light myself, but I do try to find clothing that will all match. I often take pants that roll up with buttons (the girl version of zip-off pants) that can be worn as pants or capris. If I expect I might have to do laundry while away I try to bring some quicker drying shirts.