If you already make conforming clothing, then a lot of those skills can be leveraged toward dynamic cloth. There are a few significant differences, however. Your mesh density will need to be a bit higher and "evener" in order to allow the mesh to deform properly. Also, those "canned" wrinkles and folds are not only unnecessary: they will prevent mesh from doing what you want it to during a sim.

UVMaps are respected.

I'm only starting out modelling dynamic cloth myself, so i'd wait till some of the big developers rock up with their views and suggestions, but from my experience, there's a lot you can learn about mesh behaviour from taking existing conforming cloth and running it through a sim. I did this with the Cute3D Wow dress: what an incredibly well-made garment! It sims beautifully, although I'm quite certain that was not in the developers intentions at all.

You will find the mesh has to be contiguous (all connected)... or it will fall apart during a sim. Whilst decorations such as buttons and bows can be made to behave in the cloth room, structural garment components such as grommets and laces (like, for a corset, for example) will make the sim choke. You will hear people go on about whether tri-based mesh vs quad-based mesh sims better: whatever. Both have their good sides and bad sides, depending on what you want the end result to look like. My own experience is that quad-based mesh of sufficient density will give uniformly satisfactory results. Tri-based (like delaunay's) will give a good result is the look you want is more the crumpled t-shirt look. Proof is in the sim, in any event.

I made a dress: same design, then converted one to tris. Here's the original quad-based mesh:

So, yeah, there's some crumpling at the thighs. This is an extreme pose for this cloth. I sort of still prefer crumpling to tears:

Like I said: all up to your sim, your pose and your intent.

ETA: I see one of the actual experts have managed to answer your question. Use her answers first, and consider mine as a sort of experience-qualifier.

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Wir sind gewohnt, daß die Menschen verhöhnen was sie nicht verstehen
[it is clear that humans have contempt for that which they do not understand] 

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