Good question. I'm not sure what the recent momentum is about, but I remember two widely-linked stories about "hipsters" and "hipsterdom" back in 2007 and 2008:

http://newyork.timeout.com/things-to-do/this-week-in-new-yor...

http://www.adbusters.org/magazine/79/hipster.html

It's interesting to note that "hipster" really started ramping up after "emo" had started sliding downward:

http://trends.google.com/trends?q=emo%2C+hipster&ctab=0&...

I compare the two because they are both subcultural labels that have become terms of abuse in fairly recent years.