Steve,
I think it's a bit of a sad reflection specifically of the circles you yourself operate in (sorry, that's gonna sound like a diss on you personally, it ain't meant to)
From my experiences, the peeps with all the designer stuff and bling were/are considered to be the saddo's- very shallow...
I guess it's just gonna depend on your individual outlook in life..
Make your own mind up later in life, when you are personally making your own choices and financial commitments, but schoolkids FFS...
The saddest fact is, that most of the parents who buy this shit and fuel the problem (and it is a problem, as you pointed out at the start) CANNOT afford it..
The kid who is able to stand on his own in life without having to have the designer 'uniform' to gain 'respect' is going to be soooooooo far better off in the long run.

all IMO of course, rant over