Interesting that you find contexts less relevant as time passes. My company has found it more relevant. With the business spread over many sites, with a head office in the city, there is increasingly more encouragement towards increased mobility, and people working in different locations. A typical week will have me doing 3 days in the city, one day from home and one day at a field office. Working in two sites in the one day even is common as our meetings tend to set where we are working.
So using contexts has increased my productivity heaps, as you have very different resources available at different sites, and it is important to tailor the work to where you are based on the resources available.
The trend is not just for office staff. For field workers, with mobile computers they are now planning to shift to location based work. The work is going to be allocated to job sites, and the closest competent team will get assigned the work, to try and minimise the duplicate travelling that is going on. If it takes over an hour to drive a team out to the site, you can save time and money by getting the team that goes out there to do multiple jobs in the same location. Previously they might send different teams (from different business groups) to do jobs in the same location, despite the fact that those teams had the same skillset.