I'm trying to think: is there any current, mainstream or "counter culture" fashion that will look completely embarrassing and disgusting in a decade or two, ala the attire in that punk video, 80s fashion, 70s fashion, etc? I'm serious, I think we have evolved past most of the worst fashion blunders.
A recent example of a horrible fad that died would be wearing NBA jerseys. That shit was everywhere a decade ago, now you can't wear one (outside of a sports event or bar) without being laughed at.