Directories will be around for a long time. Only a few directories that have survived after the big google Penalty not to long ago. A lot of directories including most well known have been hit. A few of the former large respected directories are making a comback.
I submit to directories all the time. Only thing is, i look at the directory and see if the owner takes care of it. This meaning, he rewrites description's if needed, check's URL's to be sure they are valid and not redirect's. Has articles on there and add's new ones weekly.
Some directory owners are adding new features to there directory to make it stand out. Perhaps new tools to do something....etc
One directory i just love is
http://www.romow.com/
The owner took the directory industry to a whole new level by adding a portal with updated content daily. He pull's in a lot of traffic and a listing on there is well worth it. I could name a few other directories that are unique and well maintained.
For a year i have been submitting to directories as one of my forum marketing campain idea's i use. I don't submit to a lot daily though. Before i submit, i snoop around the directory cause i don't want my site on a poor maintained directory. I want a quality backlink.