I still see RA as being extremely powerful, just not RA rushing. I have already played one game where I beat my first opponent, then swtiched over to RA based production to fight 3 opponents who were winning on the other side of the map in a 5v5. It takes RA a little longer to pay for itself, but it is still worth it on bigger maps.
Instead of "free ships for life", RA is now "cheap ships for life".
It is also very handy, as mwilken pointed out, to instantly create a small fleet in case someone is raiding you.