I had a great jacket/top in the 90's which got unaccountably lost. It was very fitted down to the waist and then flared out. The peplum was flared, not gathered (to MandipaM's point).
Although I am bottom heavy, the bulk is in my bottom and thighs and my hips look slim, so I like the opportunity to add sometime to the high hip - seems to round out the curve. I discovered this a while ago with a shirt dress that had pockets that stood out at the hip.
So I may well partake of this trend. However I can only get one jacket for (what will be our autumn/winter) and it will have to fit in my MOTG lifestyle, so we will just have to see if any peplum jackets make the cut.