It does make it much easier to find each other. If you see one of my previous posts with pics, DBF, myself and the kids all wore lime green shirts to DL one day, and there was no way any of us were going to get lost. We had so many people come up and tell us what a great idea it was.
When the boys were smaller, and we'd go someplace with crowds, we'd dress them exactly alike, and in some bold, bright color. Typically neon (orange was their fav.) or bright (though we'd go with non-typical colors like purple or turquoise or teal or something....not red). I'd even try to dress DH and/or me in the same color t-shirt, if I could. That way, if they got separated, it was easier to spot them in a crowd, and if they got lost, my DH is 6'3" and they'd be able to look around to see him and they'd be able to see him more easily, or describe to a CM that their dad had this kind of shirt on, and if it got to that point (and it never did), I'd be able to hold one child up and say "he's dressed exactly like this, but lighter hair and taller."
From experiences going to places with cub scouts and boy scouts, the troops and packs that wore bright colored shirts with cool designs were coveted and got much more positive attention. The boys were like peacocks, too. Quite proud of themselves and their cool shirts.