The term "micro celebrity" has been around for a couple of years -but I'm surprised I never heard of micro celebrities before; there's even someone trying to figure out a micro-celebrity taxonomy created by Terri Senft.  According to GigaOM

"...in a social network, micro-celebrities who are well known within their network of micro-communities could prove just as effective and potentially even more so, particularly if such campaigns are able to generate buzz, excitement and a cool-factor.

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According to Steve Rubel:

"...it's easier than ever before to become a micro celebrity. It still takes talent and hard work, but really anyone can do it. The benefits are certainly nice, yet it certainly does come with challenges - usually in the form of external detractors (whom I call distractors).

Beyond "micro fame" if you will, the rise of personal brands really reflects something deeper in society that's changing. In American culture in particular we have always been proud of individualism and expression. Before Web 2.0 we might dress a certain way or do something to stand out. Nowadays, that happens online and it's being driven in large part by the maturing of the Net Generation - Gen Y."

What's interesting  - today you don't need to reach a ton of people - just the right people and a Micro Celebrity might be one of the best ways to do it.