I think there is still a ton of value. Even if the links aren't valuable, I'd still look into the value of your company being mentioned in a release and the traffic generated to your site.
If you focus on providing some value and an interesting story, you may be able to generate a good amount of traffic to your site. From here, you should have a method for capturing visitors and getting them to engage you, both on your blog and in social media.
However, if you are looking at it as purely a method of gaining links, it has lost the value that it once held.