Here's a screen grab showing the way the Insignia slot is really going to make some cool things possible:
I've chosen the banded shiny metal Top here to serve as the base. I selected a round Insignia, colored the outside orange and the inside light bronze. I checked the "Dupe" box, and added a chevron-shaped insignia, made both color areas orange, flipped it top to bottom, and scaled it narrower to fit inside the previous circle. I then set the outline of the chevron to 0% visibility, so I just had the color areas.
Finally I chose a square Insignia and sized it to fit the width of the character's waist. I chose lighter and darker orange for the two colors, and changed the alpha for the inside color to 60%. I added the scale pattern to make it look like chain mail, and finally Masked it with the Top item, so you only see the Captain America-ish stomach band.
Pretty neat, ain't it?!