So what exactly is modesty? It's really interesting, considering the emphasis in the current church, that I wasn't really able to find anything in the scriptures on the subject. A quick search of the scriptures led to a single use of the word modest, in 1 Timothy, Ch 2. Here, the use seems to fall in line with the traditional definition of modesty, which has nothing to do with dress per say. It's about being humble. About avoiding what the Book of Mormon calls fine twined linens and costly apparel. About not being prideful.
Looking through the scriptures, I find lots of negative comments about clothing generally, and some neutral ones like admonitions not to worry about it. When it's not mentioned negatively, any positive views are often talked about only in reference to clothing the naked. Here, it seems, it's more about providing something to someone who is poor, no different than providing housing to the homeless.