I don't what it is, but lately I find myself more and more drawn to this shade. It's a very calming color, and more saturated shades of blue have a rich quality to them. I love navy as an alternative to black, especially because I'm pretty pale year round (I swear, my skin just rejects the sun) and navy is much softer - great for us fair-skinned gals!
Some people associate blue with sadness or isolation, but I find it to be a very peaceful color, one that inspires a feeling of serenity and grace. Blue is also the color for loyalty and I feel that it projects an understated confidence. I read somewhere that because blue does not occur organically in nature it is the least pleasing to the eye when you're looking at food. This may be true, but when it comes to clothes I say bring it on!