I think RazorbladeBidet and VSarkiss summed up the reasons fairly well. However, from a sysadmin point of view, I use it quite often for formatting text to the screen. Of course, the scripts are usually my homegrown diagnostic tools and I only use format because other sysadmins around the office use these scripts as well. They like it purty. And, like RazorbladeBidet stated, it's handy for generating email as well.

All in all, I think it's still used. The lack of questions may be due to the fact that there is so little that can go wrong with it.