Inspired by this post by Summer Wind, I have gravitated back to my minimalist wardrobe. At ~50 items, it might not be "bare bones" but I think if we all actually counted all of the items in our wardrobes, we would be surprised at how many items we have.
It's not about the actual number of items, it's about the quality of items and their ability to be mixed and matched. This wardrobe can take me from casual to cocktail and summer to winter (although I'd like to add in a black A-line skirt).
For the minimalist look, my favorite Polyvore user is sprightlier. Her looks embody the look I'd like to achieve. However, slouchy knits she sometimes creates looks with tend to swallow me up and overwhelm my frame (not that I'm a tiny slip of a thing), so I lean more toward button downs and more structured pieces.
Do you have a minimalist wardrobe? What would be in your capsule wardrobe?