Well, it's not a fetish for me, really, but I gotta say, the idea seems attractive in an odd kind of way. I wouldn't do without general purpose computers altogether, but being the proud owner of an HP calculator, I can see where this comes from. They are comfy. I also have a tablet which I use for reading and watching videos, so I segregate my computing tasks. I also imagine a scenario where we'd have laptops that are little more than just web browsers (in a dream world where the web isn't the horrible thing it is today).
On the other hand, having a soykafload of little devices can get annoying. But that's just because I'm a bit of a technophobe (a technophile techophobe :)
I think we're approaching that world in a way though. We have music players (does the iPod still exist?), cameras, cell phones, e-readers, GPA devices, video game consoles (including handhelds), calculators, and have you seen the music devices made by teenage engineering?
And as for "by hackers for hackers", we are pretty much covered by stuff like the arduino.
So yeah, there's an appeal to it, and with the current state of operating systems, it is very much appealing against having some GNU-ridden operating system full of boatware code and incompatibilities between libraries constantly breaking things.
Modern operating systems have done nothing but frustrate me.