Nostalgia marketing operates on roughly 20 to 30 year cycles, so we're dead center of 90s nostalgia. As the current decade wears on, there should be a gradual shift to 2000s era nostalgia (and another revival of the 80s, the most marketable decade). I can't say that looming war in the middle east doesn't give me those warm Bush 2 era vibes, though we are a bit early for it.
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Giant butterflies that hypnotize people and suck out their souls are a major element of China Mieville's "Perdido Street Station." Highly reccomended if you like fantasy.