Yep, this, always. Plus a sweatshirt with hood in case it is cold which is almost always. I do not even wear jeans; compression tights are the only compromise and not much of one if you go for the good ones.
If you need to go straight to a meeting or whatever, just pack a suit carrier. Takes 10 minutes to change and you will arrive to the carousel around the same time your luggage does.
I have a pair of baggy tracksuit bottoms and long-sleeve t-shirt, that roll down into nothing, which I change into in the departure lounge or on the plane. With a pair of thick warm socks it makes the world of difference.
I love seeing people on the SFO->LHR flight who dress like they're on the way to an evening in a cocktail bar. They invariably end up looking disheveled and grumpy by the time we arrive.