From my understanding, a fashion show is an art show involving design, art, performance, music, and beauty. Nowadays fashion shows/designers are also working with different types of technology, in order to enhance visual effects and create a sense of impact. The most important thing in the show is no longer only the clothing and the models, but instead its about the whole "performance."
Below is fashion designer Hussein Chalayan's 2007 spring/summer collection. This stunning show successfully conveys the cooperation of new technology and fashion design - and this is 4 years ago. Hopefully there will be more efforts like this again
To see more about Hussein Chalayan's work, go check his website and blog.
Technology can be found in fabric/clothing/costuming outside of the runway as well. For the costuming of Michael Jackson for his "This Is It" show, he was going to wear an outfit able to light up with any RGB color that could pulse/dance to any rhythm.
Technology can now be found in mainstream fashion as well in products like this year's line by Uniqlo called HEATTECH - "Clothes that create and retain warmth" and Columbia's Omni Heat Jackets. Both are winter weather clothes, Uniqlo's clothing creates it own warmth (for a shockingly low price - never heard if these actually work) while Columbia's jacket amplifies warmth from your body using small reflective dots. This commercial below was part of their campaign this past winter.