I don't wear the LIVEStrong bracelet because, honestly, it would have been just about the only cancer research support I'd ever make. It simply wouldn't have been a big part of who I am, so I didn't see a reason for me to wear it all the time. Enough people have them, so it's not like it's about 'getting the word out'. I make my token donation to the LAF every November for the CFC (government charity drive), but other than that, I'm not a big cancer research person.
I do, however, give a lot of blood to the red cross. I wear a red 'giveBLOOD' bracelet, because I consider it a big part of who I am. I've been wearing it for about two years now. Usually people will ask me, "red... what does that one stand for?" At first, I simply said, "giveblood. I got it for donating with the red cross". Inevitably, I'd get the responses such as "Oh, like those lance armstrong bracelets?" or "isn't that kind of riding on the coat tails of those yellow lance armstrong ones?". Well, they are, but I don't really see it as a necessarily bad thing. Now, when/if I'm asked, I usually head those questions off by responding with, "I got it from the red cross for donating blood. You should schedule yourself to donate sometime too. It doesn't take much time, and it could really help other people out..." I've yet to get any comments about the band when I put it that way.
In a couple of more years, I expect it's not going to be a big deal in any case. There will be a new ribbon/bracelet/armband/lapell pin/whatever that will have become the banner for whichever charity. Some of us will still be wearing wrist bands, others of us won't. It is a fad, regardless of your intentions, and eventually it will pass.