I have done several business meetings in the past and many of them I was wearing suit pants, formal shirt and tie. Meetings were really successful.
Your look is part of your business, it is what you represent, so dress accordingly to whatever you want to represent. There are many variants to a suit and I would not always recommend a suit for all occasions.
Think of your age and your clients age, think of your clients gender and think of how the dressing code will affect the meeting. If you are meeting a young lad, suit pants, formal shoes and shirt might do the trick. Looking a TINY bit casual can also enhance your appearance. Not all businesses are dark and gray.
Of course, if you are going to have a meeting with some bigass players that are fucking loaded and are 50 years old I would not even think about it. Formal suit, formal shoes, tie and a nice black belt with your majestic black leather case.
I don't usually wear a full suit, don't wanna give a heart attack to the ladies out there.