Fine art photography is a term that seems to have a rather fluid definition. Everyone seems to have a different view as to what this genre is.
I personally favour a very simple definition; it is a photograph that can be found in a gallery (or gallery like setting) and this implies it is a physical print, rather than an image that one views on a computer screen. Mounting with or without a frame would be part and parcel of what a fine art image is.
With respect to B&W, I personally find that those of us who started as B&W film photographers don't necessarily look at this genre quite in the same way as people who started using it as digital photographers. I personally love a great B&W print, but I also find doing them is really easy, once you have trained yourself to be able to visualize in B&W. One of the most important compositional tools around is "simplification" and throwing away all the colour data is certainly one very powerful way of simplifying an image. The problem with throwing away all the colour data is that you also throw away some of the essence of the image, and that should only be done after very thoughtful and careful consideration. I personally find doing a great colour image is much more difficult than creating a strong monochrome one. As I like a challenge, I tend to work in colour....
If you like what Bruce Barnbaum is saying, his "The Art of Photography" is one of my favourite books on photography. It is well worth the read. I find I probably like it because Bruce does not have an art background, but comes at photography from a math / systems background and I can relate to that path into the photography world.