Hi James,
I think you might be interested in the latest blog I wrote - it's an interview with Ali Lomas who just won an award for one of her fashion photographs, she took fashion photographs for her degree in fine art so she's the perfect person to speak to about this, she has some interesting points about taking fine art into photography.
http://www.photoradar.com/blogs/article/ali-lomas-interview-winner-of-the-2009-godfrey-argent-award-at-the-taylor-wessing-pho
Hope that helps,
Amy
P.S. In my opinion, I think fashion photography can very much be art, but where it starts to become difficult to judge is when it's commercial, where it can certainly use artistic methods, but I don't think you'd expect to see adverts for Chanel appearing in galleries!