I don't like peplum for the sake of liking peplum, if that makes any sense. Trends aren't dogma.
[updated 8/30/12]:
The Man Repeller wrote about the sentiments I expressed in the last sentence here: http://www.manrepeller.com/2012/08/blinded-by-the-label.html
Totally agree (and kinda feel special that I briefly explored the idea *first*) and completely empathize with the fashion greats' so-called uniforms. Think Karl Lagerfeld in addition to the aforementioned Anna Wintour example: they stuck to monotone amidst melodrama.
My clothing rack is pillaged with dove grey and jet black. I like my pops of color secondary: mostly accessories and nail polish. Plus now that my hair's ombre blue (yeah, so, that's a thing)...
One wears the clothes, the clothes do not wear such person. It is quite a depressing predicament if your adorable peplum top is prettier than your personality.