I do all my own laundry, ironing, etc, and it really doesn't take that much extra time out of your life if you keep on top of it and don't let it pile it. It's when you let stuff sit in the dryer for a day that it starts getting to be a chore.

When I take everything out of the dryer, I hang stuff up according to outfits...slacks and shirts that I think look good together go on the same hanger, along with appropriate socks. This prevents a lot of ironing because they're still warm and uncreased straight from the dyer. Then when I'm groggy in the morning (not the best time for me to choose clothes!) I just grab some underwear from the drawer and a hanger and dress - easy.

If you could only do white and khaki everyday then I guess go for it, but I think I'd go crazy without any color in my wardrobe! It helps if you slowly add colors and only colors/shirts/pants that you really like. So many time we're slaves to sales and justify keeping clothes that we don't really like or don't really fit well with "but it was such a good deal I really should wear it." We don't really enjoy wearing those kind of clothes. You should enjoy wearing everything in your wardrobe.