I have always had the impression (mostly from conversations with a friend of mine who taught gender studies fairly extensively) that there was actually a pretty lively and present debate among some of the most distinguished gender studies philosophers around the tenets that Lipstick Feminism refers to.

At any rate it definitely exists. One of the main criticisms I gathered (and I could easily see) is that of adherents latching on to the label without understanding (bothering to?) both the principles of empowerment and the subtlety and difficulty of reclaiming an oppressive gender role without harming women by apparently paying it lip service to an uninformed general audience. In short, there could be negative consequences (in the eyes of critics) for both informed and uninformed adherents claiming the title of 'Lipstick Feminist'.