I believe black-and-white photography is where it started the art of photography. Going back and beyond Ansel Adams and Edward Weston. These are what you call traditional photography. Even though it is representing the area before color photography it is still has a place in our portfolio. Yes I agree it has been becoming a " Fad "
I myself prefer to use color.There are always going to be people who feels it is hip to follow others and they just don't want to be left out.

It depends how much involvement you want to commit to photography.
I have been using a Canon 60 D and enjoy it very much. Unfortunately the basic camera alone may not be the major expense. Buying the lens where you can spend a lot, for instance a 24 to 70 F2 .8 would be about $1200-$1400
If you are not looking for a semi professional camera I may suggest the Panasonic Lumix DMC-TS4 it is one of the most versatile camera I have purchased. It is waterproof, shockproof with endless features like GPS functions, 12 megapixel, also takes high definition videos.
I have purchased it from B&H for $370 website:www.bhphotovideo.com