I don't think it is a fad. Well, it can be overdone, or more appropriately, misapplied. As patnray says, if you make every pretzle weigh within 0.1%, but that is not what it should be about. Then you have set your control range wrongly.
Basically, six sigma is about normal distributions. Most things that you make enough of show a normal distribution. That is a bell-shaped curve. Now, at +- one standard deviation, most of the units are within the limits (I can't look up the exact figure here, and I forget it, but its to the tune of 60%). Thats +- one sigma.
Two standard deviations (+-) encompasses around 95% of the units (correct figure, anyone?). That's +- two sigma.
When you produce to +- six sigma, for all practical purposes, ALL units are within the limits. So if this is a controlled process, you will not need to test the result (=lotsa money saved).
In the case of the pretzels, lets say we want them to weigh 20g +- 10g. So if we make a six sigma production line, we make sure that practically no pretzels weigh less than 10 or more than 30.
Hans
Edited to add: Well, I suppose that was not very helpful.........