Morris,
As strong component of a linking strategy, the heyday of press releases has come and gone but press releases are still valuable. They're valuable in the sense that they've always been valuable--as a means to reach a targeted audience with a creative message about a topic that will be of interest to them.
Press releases are an active engagement tactic, in that you research what publishers you want to target, you craft a message that is going to catch their attention, you send it via a channel you expect them to be listening on, and then you expect to engage and develop relationships with your target publishers. Unfortunately, many people today think of the press release as sort of a passive tool--you write something that fits into the template you pay your money then you hit submit and you wait for all the links to come in.
Don't think of press releases as a way to get links, think of them as tools in building new relationships.