I was on the Feb 27 sailing on the Atlantica and have sailed 2 other Costa Ships. I always take the 2nd seating and from experience I could tell you that you will see ladies wearing everything from top of the line cocktail dresses to a pair of black slacks and a nice top. However all said, most do dress up very nicely. As for the men you will find some go all out and wear a tux and some wear open shirt with a dinner jacket. Personally I am more relaxed when I cruise, because my job requires suits I'd rather go casual all the time when away from my job.......
P.S The only time I saw that the full formal dress code was madatory was at the invitation only captains drink held in the theatre. I did see people turned away at the door that did not respect the "Formal" dress code. That was one of the few times I did wear a tie.