Don't see it as a craze as its a decade+ old over here and goes back further in Japan.
Drifting is not about speed since sideways isnt the fastest way around.
Its a scored event almost like figure skating.
'98 Dinan/RMS stage 2+(VAC cams, CES Cutring etc)
'11 Saab 9-3 XWD tuned(wife)
'06 Saab 9-5 Combi 5mt tuned(Aero interior/Konis etc)