It is nice everyone has come up with some sort an answer.
I have to tell you that jeans are not acceptable in my experience.
When I go shopping in town on a Sunday, when I am more chilled out and just want to put on some pre-BT clothes, women pull their children away from me in the stores, no one holds the door open for me, and I get dirty looks.
It is a WAY different experience when I am in white shirt and black pants.
In fact, even wearing a baseball hat with an athletic team emblem on it seems to put me on a lower madraga in the eyes of others.
Only you reading this would know how you would react to me in jeans, baseball hat, and chas veshalom cut offs in the summer time.
Also, while people can do it, I would not go to a minyan or anything like that in jeans.
Now, when you add to the mix a yeshiva bochur weaing jeans? Of course it is an issue; a BIG issue. Again, only you know how you would react to seeing a bochur on your block wearing blue jeans.
Strut at your own risk!