The other day someone asked on the Neatorama Facebook if Nutella is the new bacon. I don't think they can be traded out for one another. In fact, you can even have Nutella and bacon together.
Regardless of you opinion of trends or bacon though, Nutella is pretty much amazing and like bacon, it should be incorporated into other foods as often as possible. For example, these Nutella cinnamon rolls by Gimme Some Oven take something good and make it into something amazing by adding a little magic chocolate and hazelnut flavors. My mouth is watering just looking at them.