So Margot Weiss wrote an ethnographic study of San Fran's kinky scene, Techniques of Pleasure, finding it much more conservative and less transgressive than it would like to believe itself. Weiss challenges BDSM's portrayal of itself [see review/interview in Salon], saying that:
It's not diverse. Weiss finds that, at least in San Fran, the community is boringly white in its racial homogeneity.
It's not wild. Strict rules govern scenes.
It's not transcendent. It's mired in consumerism [all those special toys!] and reproducing societal inequities.
I'm definitely interested in reading this analysis. In parting, I leave you with one of my favorite Onion articles: S&M Couple Won't Stop Droning On About Their Fetishes.