Nope...its far from useless. Its actually a very good DAM (digital asset manager) and photo editor. The biggest complaint about the latest update is the change to grey icons (seriously...that's what the majority of complaints are about).
Aperture 3.3 may not contain the latest editing features that Lightroom 4 does, but it comes pretty darn close, and is a heck of a lot more user friendly. FWIW, I have both Aperture and Lightroom 4.