Interesting replies Sareesh and Fred. I agree with both of you. Sraeesh, I think there's not much doubt it is the look of the moment, in mainstream Hollywood and most of the indies mimicking it. Which, IMHO, is the best reason for avoiding it, but that's just me. Can't see the point in doing what everyone else is.
Fred, absolutely agree: the content is king. Or queen. Whatever, it's all that really matters. To wit "Blair witch" et al. If you're audience is noticing/worrying about crushed blacks, or whatever, you've failed. And I like the eg you gave. Almost no highlights, even the sky was a controlled grey, but it had great atmosphere and really worked. Made the point beautifully that crushed blacks aren't essential and that the style, the way the things is shot and graded, add a lot to the content.
What a pity that someone gets a great/different look and the sheep have to follow.