Here's a little update:

BJ over at the CP forums pointed out to me that the Apollo Skin Suit OBJ can already be found in Apollo's geometry folder. It's only the CR2 we're waiting (patiently) for.

Anyone that's interested in attempting to make clothing this way would be far better off using the Skin Suit rather than the Apollo figure geometry. Why?

Nipples - gone
Belly Button - gone
and most importantly...wedding tackle - gone!

Making dynamic pants using the Apollo figure geometry would have lead to a rather disturbing phalic bulge, as genitals are part of Apollo's geometry. Imagine that after a cloth simulation! Not pretty.

Also, if your desired cuts don't follow the natural geometry of the Skin Suit, just get it as close as you can. It will initially lead to some horrible square jaggies along your edges, but you can easily clean these with a very simple trans-map.

The only down side to using the Skin Suit is it'll only be useful for an un-morphed Apollo. Once Anton officially releases the Skin Suit this won't be a problem. Just PLEASE don't ask him if it's finished yet. Patience is a virtue.

If we can hit that bullseye, the rest of the dominos will fall like a house of cards...checkmate!