I've heard this about that service offered by Yahoo. Pipes is a powerful composition tool to aggregate, manipulate, and mashup content from around the web. So do you think something better has replaced it?
There are several alternatives available, the chief competitor that comes to mind is ITTT. (If This, Then That) But Yahoo! Pipes is great for multiple reasons, not just the aggregation / manipulation tools it provides as its core functionality. Yahoo! Pipes also offers caching and acts as a content delivery network for your aggregated/manipulated content. Someone / some company will be hard pressed (and will need a large pocketbook) to completely replace Yahoo! Pipes.