I'll simplify it for ya there, slarta.
Today it is essentially just a pejorative to describe somebody who puts slightly more than zero effort into being into modern bands, culture, general arts/tech, etc...
10 years ago it was a little more specific and seemed to focus on "Indie" scene types.
By today's standards I would be considered a hipster. Hell, you probably would too.
I just ignore the word entirely now because it has no meaning aside from demeaning.