I'm really looking forward to this feature too! Dye helps a ton, but when I am stuck wearing a style I dislike, or pieces of gear that simply don't coordinate well, it just doesn't cut it.

Quote Originally Posted by Live Letter 7
Q26: Regarding the vanity slot, when will it be implemented and how much freedom will we have?

A26: We are currently to implemented in patch 2.2 (second major patch). As far as the freedom goes, as we stated during the previous live letter, black mages will not be able to equip heavy armor, etc.
Can't wait to put together a nice outfit for my BLM. I've got a pair of dated leather caligae just waiting to be used with that nice black robe you get from the level 5 class quest.