My little boy has the latest little fashionable clothes, toys, etc, but he'll certainly be raised the same way I was. Good strong family values, with the message of if you want it you got to earn it, and of course treat others how you want to be treated.
I don't think following fashions is something that will be a parent's downfall, as it's possible to give a child whats fashionable and also teach them the important things in life. I followed fashions as a child with my mum (she really was the bees knees when it came to fashion, hahaha!!) but she knew where to draw the line with regard to how I should be raised. This meant getting firm but fair. I'll certainly not think twice about looking to her for advice if I ever need it for my son.
And yeah, I'd definitely say that my parents aren't only my parents, they're the best friends I'll ever have.
Even so, I sooooooo know not to step out of line. My mum's always telling me "Loulla, you're never too old for a thick ear, my girl!"
My upbringing, my gadget-freak of a partner who loves all things new, tiny and electrical and my own gorgeous little boy who'll be raised the same way I was-with love, respect, and discipline, as well as still having most of what I wanted (as long as it wasn't too ridiculous, and i was always on the strict understanding that anything too big/expensive would have to wait until birthday/christmas.