I wouldn't call people who wear Armani Exchange fashionistas; they deserve better than that. Anyway I was also once guilty of wearing square-toed shoes. It seems when young people try to distance themselves from the older generation they often commit the mistake of choosing something ridiculous just because it's different. No offense to anyone but to many 20-somethings Allen Edmonds are not exactly "hip." And many of them don't have financial resource to buy truely fahsionable high end shoes, so they regrettably go to Kenneth Cole or Banana Republic..
By "fashionista" I wasn't intending to be derogatory. I second the "AE isn't hip" thing. The Aldens I just picked up from Brooks Brothers -- I certainly wouldn't wear them to a chic restaurant. They are for suiting. You are also right that there is a dearth of those "in between" shoes from high end makers. I do opt for Banana Republic for such shoes, as I think that on sale they can sometimes be very good value (there is some good quality there at times, but not always), and they have some nice styling as well. To lump Banana in with Kenneth Cole is, I think, a mistake.