Jetsetter - I might agree with you if your basic premise is that you can tell a lot about somebody's personality from what they wear.
But you used the term character which to me is an entirely different thing. Character refers to a moral compass, an ability to know right from wrong and to live life with a certain dignity. It encompasses perserverance, honesty, a work ethic, charity, tolerance, etc., etc. All those things make up someones character, and I don't think you can tell any of them based on the clothing they wear.
Personality, well that might be true. If someone is introverted/extroverted, funny/serious, organized/scatterbrained, regimental/carefree. well then yes, I suppose how they dress might give us a clue about their personality. I do know there have been studies about the types of cars people drive. Colors, transmissions, power, comfort, size, these all can be reflections of personalities. People that drive red sports cars convertibles do tend to be outgoing and somewhat fun-spirited.
So I am sure that the type of clothes somebody wears can give us some nuance of how they might act. But I don't think you can take that down to the brand level. You can't say a 7FAM customer is significantly different from the COH customer or the Blue Cult customer. They all are basically form-fitting, low-rise, blasted thighs, slightly flared denim jeans. The look itself is probably on the downside of it's popularity curve. This is fashion, after all, popularity curves exist for everything. So I guess you could say that the era of this type of denim and look might be coming to a close. I would agree with you there.
When the question was posed, is the 7FAM era over?, I looked at it from a business perspective. If there was one brand of the 00s that I would be betting on to make it big in the industry, it's 7FAM. 80% of all the other brands we are discussing on this board will probably not be around in 2015.
7FAM will probably be one of the brands that establishes itself as a powerhouse in the 00s, like Armani/Tommy in the 90s and RL/CK in the 80s. Say what you want about their style or fashion; as businesses, they are the cream of the crop in the industry.
7FAM has the first-mover advantage, they have by far the most recognizable brand name in their niche, and they have a powerhouse capital team bankrolling the entire effort from this point on. So I don't think 7FAM is over by any stretch. They are most likely here to stay.