(Taken Backstage)
At our first glance you can see he's wearing a white thin scarf, quite the opposite of what the gucci models have been using recently, but one things consistent and its his tie, a while back anything with stripe's meant good fashion, now his tie has stripes and they are at a angle, the belt is brown...could the transition from black to brown, GQ covered it a while back (the new black is brown), plus he has what seems to be a very light linen shirt..
Conclusion: The first image (taken backstage) seems to be the most correct fashion (pay close attention to everything), but from the looks of it, he's hiding his own style in public, dont get me wrong, the style he's using is good, but it seems to me, like he's mixing a timeless classic style with a hint of modern trends that everybody's wearing...not very original, from my perspective.
UPDATE 2/21/2011: Ive just recently found out that the first images of Paul Costelloe have been taken September of 2010, even though its old news, its still quite impressive looking back at his previous style...