Upon reflection on a childhood and adolescence spent as a Chinese male in North America, I think that this phrase sums things up rather nicely. There is an overabundance of long-winded and dithering testaments to some ridiculous quintessential mystique of the Asian person, either online or in print. And all this fuss (not to mention an embarassingly large volume of webspace) over some superficial tendencies in physical appearance! It really is, in an absurd sense, like large breasts. I do think, however, that this is a real cultural phenomenon that is worth some sober thought and discussion; after all, preferences like these are symptomatic of how ethnic groups perceive one another. If we want to live together happily in a diverse world, there are some things that we are going to have to understand about ourselves.
East Asian groups have a tendency to look young, and have a diminuitive figure relative to other ethnicities. In addition, the characteristic eyelids bear some similarity to "bedroom eyes". These form a plausible objective basis for the eroticized mythology that has sprung up around women of these ethnic groups. It is the sort of mythology that has led scores of women to surgically alter their bust size. All things considered, if I were born female and conformed to these preferences, I would both enjoy the "advantage" gained in courtship and be wary of how this influenced subsequent relationships. From what I have observed in forum discussions on this subject, many women are well aware of the latter consequence.
However, I was not born female. My appearance is feminized relative to the average North American male. Though the frequency of relationships between Asian women and Caucasian men may be disproportionately high, I suspect that the frequency of the inverse relationship is disproportionately low. Why might this be? Perhaps the physical tendencies that attract men similarly dissuade women. This would imply that a "masculine" (in the Western sense) appearance and older age was a significant factor in female preferences. However, a second (and not mutually exclusive) factor is a segregational tendency for Asian men to prefer relationships with Asian women. This might be symptomatic of the last vestiges of familial deference.
Although much of this is speculative, there are some arguments that I will forward. Some of the physical variability amongst ethnic groups seems to have been amplified by pre-existing preferences in other cultures, and even integrated into an erotic mythology. Such preferences are mutable and may be unrecognizable in the next decade. It is worth reflecting upon how this colors your own perception of others. To announce one's helpless affection for Asian women is akin to remarking on your prediliction for large breasts: although far from being reprehensible, it is somewhat juvenile. I have probably devoted more time and effort to this subject than it is worth. However, I believe that I have earned my bullshit.