Has anyone actually done the capsule wardrobe thing? What did it involve?

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I mean more than just for a holiday.

I am having an Ebay frenzy and have a budget for more clothes. I have a few things I want to keep but not many. I looked on some of the fashion blogs for capsule wardrobe advice but it all seems to focus on monochrome outfits. And, really, does anyone actually do this? It looks as though it requires tonnes of cash and discipline.

On the other hand, I do want my new stuff to co-ordinate and to 'work' together. And I don't want to just spend my money on earrings and shoes which is my usual MO. I need a plan. Has anyone got experience of this?

Whilst I was working in a job that involved a lot of travelling/meeting external people) and looking quite smart but not too sharp, my wardrobe basically evolved into:
3 dresses (shift, wrap, strappy),
3 cashmere cardigans,
3 sets of underwear,
3 pairs of tights (in interesting colours/textures),
a pair each of flats, boots and heels (they were always something interesting like paul smith signature stripe, platinum leather, lulu guinness with embroidery, ballet flats from french sole or pretty ballerinas with some detail on them to liven up outfits and provide a talking point, it would have been too boring to have so few clothes and just have plain black shoes)
one handbag (paul smith signature stripe- went with any colour combination in the other items), a broach and a scarf that could also be used as a sash for the dress,
a winter coat, a silk opera coat and a trench coat (acquascutum, from ebay).
For the weekend, I also had a denim dress, a cotton mini-tunic and a (little black) cocktail dress that was suitable both for work dos and nights out.
For work purposes, there was usually also some kind of full length evening dress kicking about as there was a lot of formal dos for work.
I could basically fit everything into a suitcase and be on my way for the work week, knowing I could handle just about anything the week threw at me. The outfit from that day got washed that night. Things, especially dresses, did get worn a lot so sometimes wore out relatively quickly, so the variety often came from that. When something wore out I would just get rid of it and buy something new of ebay or out of a shop at a station/airport on my travels. I also spent quite a lot of money on make-up, nail varnish and blow dries at that point in my life.