Is this still relevant with todays components?
It was relevant to early Vista test computers, and then Vista Basic computers with less RAM than we would ever have put in an XP box of the time period.
Wasn't that more or less replaced by SSD caching?
No. It was replaced by RAM prices dropping like a rock, after Vista did not spur new PC sales the way the memory companies had hoped. As we got to have 2GB in low-end PCs, 4-6GB in most, and 8+ in fancy machines, any benefits it could offer were outshined. The interfaces to SD, CF, or USB thumb drives directly (note: almost all card readers are USB, so even though CF's interface can be fast, it won't be, for ReadyBoost) are low-latency compared to HDDs, but so high-latency compared to RAM that it an appreciable cache would require more explicit use, on top of the CPU overhead involved.
SSD caching is a proper cache, faster in all ways than the HDD behind it.
In fact, looking for numbers to back it up, I got directed back to none other than AT, showing exactly what I expected, with
even less RAM than I expected it to take to make up the difference:
http://www.anandtech.com/show/2163/6