I agree that they do not hold as much weight as they used to however if you use the alt tag to properly describe what the image is it shouldn't matter. After all if you have a picture of a football on your football site and the alt text is "Picture of a football" then you're covering both bases!
I would steer well clear of putting alt tags on things like corners of boxes and stuffing them with keywords though as this is more likely to have a negative effect if any at all.
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