To answer some questions and give some thoughts. I agree with the overdressing is better than underdressing but as pointed out by a couple of you a suit may be too generic and too often used. I agree on the other hand that since I am meeting with the owner of the company it might not be a bad idea. This isn't my first ever interview, but I have never worked outside of retail, in my last job interview I wore nice khakis and a button up shirt, it worked for the job I was applying for.
The job interview is at their office location, but it is local. Yes I am still a college student. I also have hung out with their IT manager at the local Linux Users Group meet-ups. I asked an instructor of mine who knows Micah (the IT manager) pretty well and he suggested that the best thing was not to wear a suit but rather slacks and a nice long-sleeve button-up shirt. I haven't made my final choice yet, seems the general idea here is to go with the suit.
edit: I am not for certain, but I honestly don't think the owner is going to be wearing a suit. I have gathered that is a very relaxed/casual person.