I think we do need to retain and use 'feminist' as a label.
I am a uni lecturer, and I teach several courses touching on gender, so I often see younger women debating whether or not they'd consider themselves feminists or not.
What I find really interesting is: a LOT of young intelligent women are interested in 'gender issues'. I have taught at two fair-sized institutions at opposite ends of the country, and at both, my gender-based classes are generally heavily over-subscribed, even ones that you'd think would be quite obscure.
But these young women tend not to want to call themselves feminists: they often say, 'Well, I'm not exactly a feminist, but...' or similar.
What I find kind of sad and troubling about that, and why I have started to feel quite bolshy about the need for a labelled feminism, is that I think we are approaching an era when these young women will need the coherence of an organised movement, yes, a label, to group themselves against some really disturbing changes.
It's not about wearing nailpolish and to shave or not to shave. (I do both.) It's about the fact that with fewer jobs, more women will be forced out of the workplace because no matter what they want to do, it is societally more acceptable for them to give up their jobs. It's about the fact that NicknDave are setting up some scary longterm precedents designed to push women out of positions of economic power. These things are real, and insidious, and I do think women under 30 need to think long and hard about whether they really have outgrown the need for feminism.
I think many think they have, and will find to their cost that they haven't :(