Submitting to Directories are not yet obsolete as long you do not abuse. You may only submit 30 directories a day is better and do some link building task.. Goodluck
Directories are great for varying your anchor text and getting a good list of some keywords in anchor text. If we do 1500 directory submissions, we usually have 25 to 50 different anchor texts. Has worked very well for the price.
I think that anything helps as long as you are not high PR going onto a low PR directory. People just expect too much. Plus you never know if someone will see your link on that directory and be a lifelong reader/ buyer. I just started out a directory. PR 0. I know this isn't great,but you have to start somewhere. But with it being new I been thanking people by commenting on blogs and posting on their forums. Kind of like they help ma and I will help them.
They still have value but not as much as they used to be if you are looking for free directories check directory.com out or hire a submitter to do this for you
I believed in Trust of Directory, it's help not less not much , i never ever drop it away on my SEO Plan
No Directory Submission are still having most importance in link building as well as in search engine ranking
I think it's good for back links and ranking. The biggest downfall is you never get on the front page so nobody sees you. That's why I created a directory with that feature. it's called Website Recycler. Like others have said, it's not the most important thing but it's something that doesn't take that to do and it's easy.
For me, the chances to have BLs from directory submissions is around 25% - 35%. I dont see it very effective.
I won't say its dead. But of lately it has been so much abused that all the directories that I come across have 4,000 to 8,000 pending requests for links to be added. Now thats huge number of pending request. Most of that could have been because of large number of forum memebers here at DP are also sending tons and tons of request for links to be added in the sites.