What's the difference between a fad and a hot product? What's the difference between a company that puts out a single faddish product, and one that continues to stoke the fires of consumers' desires?

It's never easy to tell in the middle of a mania. Callaway (NYSE:ELY) had a big hit with its oversized Big Bertha driver, only to raise the stakes when the stainless-steel clubs received a lighter titanium makeover. Nike (NYSE:NKE) is still an athletic-footwear force, 22 years after its first pair of Air Jordans hit the streets.

The same can be said for companies like Research In Motion (NASDAQ:RIMM) or Apple (NASDAQ:AAPL), which have turned hot debut products into perpetually updated workhorses. On the flip side, you have one-hit wonders like the Cabbage Patch dolls, Ty's Beanie Babies, or pet rocks.

That brings us to Crocs (NASDAQ:CROX). The shares were on a tear after going public nearly two years ago, but they came undone last month after a sobering quarterly report. Does the company's business model have as many holes as its signature Beach and Cayman shoe lines?

Not all Fools agree. I'm still bullish on Crocs. Retail editor Kristin Graham is now bearish on the trendy footwear maker. Who's right? Read on and decide for yourself.

Duel on!

Longtime Fool contributor Rick Munarriz owns a pair of Crocs shoes, but does not own any of the stocks mentioned in this article. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool's disclosure policy is usually barefoot.