There is no real word for what fashion is happening as we speak...but people tend to call it revival of the 80's, mixed with a bit of a hippie look--mixed with sometimes a modern touch.
yours truly,
various definitions of "leggings" (according to urbandictionary haha):
1. these are cute stockings that are a 2006 revival of eighties fashion.
2. Definitely not pants. (supposed to be work-out clothes)
okay so not only are college girls wearing these leggings as pants, but celebs are too!
according to definition number 2, they are meant to be somewhat like undergarments-not everday all-around-town wear.
Yeah, they are a cute revival of 80's fashion...but at least wear them under a skirt or a dress- then you can easily call it a cute outfit.
Whatever you do, please don't wear them alone....and esp. not with a short tee! ew.
Come on ladies-let's not degrade ourselves to work-out-looking styles EVERYDAY.
exhibit a (below): cute, cute, cute, and cute! these celebs know how to dress their leggings!
exhibt b (below): no, no! everything is wrong with the way these leggings are portrayed! not to sound harsh, but she is a model, everyone comes in different shapes, forms, and sizes. In other words, not everyone looks like that when they wear leggings as pants and a tiny tee. So just be on the safe side and don't let all the junk you have in your trunk-literally-hang out and about! please. :) 
until next time--
summary:
1. I dont find them fashionable. just because alot of people wear them...doesn't mean it is a fashion, but rather just a group of people conforming.