Yep, "metrosexual" is the term.
Personally I think it is just the fashion industry realizing that they had this great untapped market, and pouncing. Why should guys get away with wearing khakis or jeans with t-shirts or blue cotton button-down shirts every single blessed day while women need to negotiate the latest hemlines, silhouettes, hairstyles, lipstick shades, heel heights, etc., etc., etc.? So they (fashion industry) started going after guys more strenuously, and I think it's working. (I laughed the first few times I saw guys worry about their 6-packs or whether those pants made their butt look big, but it's really becoming part of the landscape now. If you're gonna buy that fashionably tight t-shirt, you gotta have the body for it.)