Mahz already gave a big reason for it still being relevant.

Though the other main use the Member's lounge tended to have was blogs (Which Turt had brought up already, but in the form of a question which with me skimming didn't see an answer to, so to answer him, yes it's also used for blogs).

Which reminds me, I may want to resurrect mine... but mine's less a blog and more "Rant about things when I want to and Off Topic doesn't have a topic to debate it in" thing.