I really hate the flat borderless bright colors the entire Tech industry has moved to. It looks awful, it's confusing, all sense of depth is removed. It also removes any sense of important information. I can't wait for this fad to die out.
Don't worry, it won't last long. At least that's what I'd guess.
Flat isn't all bad, but it needs to be implemented a whole lot better and not radically.
You mention a good point, as soon as you remove all the depth, elements that should set themselves apart are quickly overlooked.
You can use flat elements to guide users to those elements that matter most, actually speeding up their navigation, but recently I see more bad than good examples of implementation, Apple isn't the worst, but over the months of iOS 7 and 8 I've seen where iOS lacks clear UX.
Glassed Silver:mac