I just finished reading Adbusters' July 2008 article, "Hipster: The Dead End of Western Civilization", and I think Douglas Haddow got it mostly wrong--the counterculture hasn't lost its values at all. The beatniks, the hippies, the punks, the hip-hoppers, the ravers, the anti-consumer movement, etc. all concern(ed) themselves with an elaborate system of in-group fashion semiotics and justifications for having a good time (i.e. looking good and having fun) couched in contemporary political terms. Today's kids may just want to party without feeling as obliged to justify it as "subversive" or "revolutionary," but if they still want to be different from (i.e. cooler than) the kids across the street, then the aforementioned "countercultural" values are intact, minus some of the political pretension. I say good for them. Posers will always be posers, but posers who think they're activists are worse.
I can sympathize with Mr. Haddow's disappointment that the hipsters of 2008 aren't into the same militant anti-consumer pseudo-activism that the hipsters of 2000 were. Before too long, there might not be anyone left to buy Adbusters.
(Image from kidsnpets.files.wordpress.com. Read Joseph Heath and Andrew Potter's book for a better discussion of this subject.)