I think hipster, at least in the modern sense, is an umbrella term for people who don't subscribe to the standard mainstream culture. There are outdoorsy hipsters, with expensive bikes and their own lingo, that are just as pretentious as the typical urban hipster with his fixie.
I tend not to equate the two, myself. In my mind a proper subculture differs from a lifestyle in that, typically, a lifestyle comes from above. A lifestyle tends to be given to us by Madison avenue. The outdoorsy guy gets his opinions from magazines and buys super expensive toys from mainstream sporting goods with large advertising budgets.
The urban hipster we usually decry, picks up fashion at the thrift store, whose second hand sale does nothing for Madison avenue's masters. Music choices, reading, etc comes from the trenches of like minded fans. Politics comes from, typically, marginalized outlets via books easily had at the library or second-hand book store. There's a real crowdsourcing element to traditional hipsterism. Sure, they're all wearing black and listening to the same 50 or so indie bands, but the crowd made that happen, not marketers. I think there's a real value there and this type of person is really the only socially acceptable avenue to curb, what I consider, mindless consumerism.
If anything, the internet and its ability to tie us all together has made us all urban hipsters to some extent. Now we're getting opinions from 1,000 people on goodreads, not the NYTimes reviewer.