Often I think of a person as chic and not just an outfit--so I think it has something to do with the personality coming through as several posters mentioned above. The total package--hair, nails, makeup (or not), clothes, accessories and mannerisms all together.
Chic is "cooler" in several senses of the term--the descriptors of effortless, polished, simpler used by others resonates with me, too. You can't be a "hot mess" and be chic. And "cool" in that old sense we discussed awhile back about having that certain something that others are attracted to even if you can't pinpoint it.
But I don't think it has to be totally minimalistic. I think Natalie looks very chic in many of the outfits she has posted, and though they have much more going on than I can usually achieve, she has such great style sense for combining things.
When I try to accessorize I sometimes think I'm closer to chic when I do the "put on your accessories and then take one off" thing.
Chic to me tends to be more feminine than not, but doesn't have to be "romantic" or ruffly and definitely not overtly sexy. Again--cool, collected femininity.
I think I would like to look chic....amongst other options as well.