Slate magazine has a feature called The Decline of Fashion Photography. Check it out.
The author feels that the work of fashion photographers, whose images live in that interesting artistic grey zone between fine art and commercial hack-work, have become a lot less skilled in recent years, compared to half a century ago. One reason he gives is that fashion photographers have themselves become celebrities. He seems to think that this has dulled their critical and artistic edge.
I don't know much about women's fashions, or the photography of them, which mostly appears in women's fashion magazines which I don't read, and and I have no idea whether the author's criticism has any merit. However, the article is worth reading just because of the striking photographs it reproduces. Since getting a digital camera a year ago, I've taken more of an interest in photography, and started to look at photographic images more critically.