On the basis that The Decemberists are hipster then:
http://www.youtube.com/watch?v=bEZ3lSurNCI
http://www.youtube.com/watch?v=lEmy2DBaeTc
http://www.youtube.com/watch?v=Jz7wKhVa_VE
http://www.youtube.com/watch?v=WfKhydixkeA
http://www.youtube.com/watch?v=qoa5AL6VFk0
http://www.youtube.com/watch?v=II3zZOaaX_M
http://www.youtube.com/watch?v=E5H8DwJI0uA
http://www.youtube.com/watch?v=ExTsO_q19II
http://www.youtube.com/watch?v=K5w8dy-MPis
http://www.youtube.com/watch?v=eOc1mn-4EzE
Edit: To continue the Neutral Milk Hotel discussion, I was introduced to it as the pinnacle of hipster music and while I don't really agree with that it is some really good music. It's more artistic and unconvential than most music I listen too, so I really enjoy it.
I quite enjoy The Decemberists. I got to see them in concert last summer for free. (The arts council where I live puts on free concerts every Thursday all summer long- it's fantastic). Didn't realize how old they all were until I saw them there though..
Let me flip through my iTunes real quick and see what "hipster" music I can pull up..
http://www.youtube.com/watch?v=C81SyunWMAQ%5DJosh Josh Ritter- Good Man
http://www.youtube.com/watch?v=BcBZb2Kr_yk%5DImogen Imogen Heap- Goodnight and Go
http://www.youtube.com/watch?v=mQvnXM1hVnI%5DHey Hey Marseilles- Cigarettes
http://www.youtube.com/watch?v=WzORRh6lzg4%5DBeirut- Beirut- East Harlem
I've got a bunch more, but it looks like there's a pick-up hacky-sack game rolling up at the starbucks across the street.. so... gotta go.