That's what I've heard from a couple people on a web 2.0 type of site, posting pages. "It doesn't work anymore", they said. "It's all about quality", they said. I agree about quality, but otherwise think they're idiots. No offense.
It makes me wonder what others think about it. I'm quite certain it is alive and well, it's just more focused on 'authority' and 'consistency'. It's more refined.