Cool Good article on the demise of hip.
I've long argued with my friends and colleagues in the music world that there is no such thing as "underground" music anymore: everything is accessible, linkable and known to anyone willing to make a little effort. The underground music trends that I've been a part of started by pockets of people working far outside the mainstream, and you had to make a serious effort and commitment to be part of it.
Now, the process by which trends, or non-mainstream movements, begin and reach mainstream recognition has accelerated to the point that it is virtually instantaneous. And not only are they uncovered faster, they are also much quicker to be appropriated by companies cashing in "cool" trends. It's one of the by-products of our connected, digital age.