I don't think it's a fad, it's more that the scene as a whole is more mature. Less is more has always been a strong point in design, and it's becoming even more so in web design with the rise of better font selections etc.
That said, there will still be a place for the use of textures and other effects to create a certain look, and I see no problem combining subtle textures with large type, flat buttons and "the new style".
Cole Townsend