I believe that sounds created by clothing need to be carefully considered to respect to the rest of the public. While boom boxes in the subway are intrusive, headphones allow many people to listen to their (different) music in private. I trust that the clothing sound systems will be designed to provide a personal listening experience and that any public "broadcast" mode will be reserved for special occasions (such as providing music at a party).
Instead of changing the color by the mood, the actual need especially for women is to have the perfect match between the whatever is worn as top , with whatever is worn as bootom, plus the footwear, the handwear , the earings and all that stuff.
If the smart wear can solve this problem of matching, without having to have overspilling wardrobes and without the women spenind hours in front of mirrors , that I will call a SMART WEAR.
In the picture with title "Researcher at Aalto university...", the fabric pattern remind of some news related to incorporating solar energy absorbing material into the fabric and using it as a charging device. Maybe another cool idea to pursue.
We can make fabric change color based on the mood of the person then it will be super cool. It really need a couple of sensors to sense the mood and nanocomposite materials to incorporate in the fabric.