Mark Grief has a great article about hipsterism. He ends by pointing towards the possible future:
In recent hipster art, Animal Collective’s best-known lyric is this: “I don’t mean to seem like I / Care about material things, like our social stats / I just want four walls and / Adobe slats for my girls.” The band members masked their faces to avoid showing themselves to the culture of idolators. If a hundred thousand Americans discovered that they, too, hated the compromised culture, they might not look entirely unlike the Hipster Primitive. Just no longer hip.
Matt Yglesias points out the relational nature of hipsterism:
[W]hat I think is most interesting about the term “hipster” is that it seems to function in a purely relational sense. For any city-dwelling member of my generation, there’s always some other set of people who are the “hipsters” and some other set of people who think you’re one of the hipsters.