The quick answer is no. That trend went out about 10 years or so ago. Ultimately, wear what is flattering to you, but knee highs tend to cut your length.
Knee high nylons are still useful and in style these days. The reason that you don't see them on people a lot are because they wear them mostly with slacks or jeans and loafers. I often wear them with skirts that cover my knees (thus covering the knee-highs). Knee highs are much more comfortable than full tights (in my opinion).
My daughter absolutely LOVES knee high nylons. Her and her best friend are always wearing them, and everyone always compliments them! It's kind of "out-there", but whatever you like, wear!
