Yes, but all of those deprecated elements can still be rendered just fine by some of the current browsers. And even if, say, you couldn't display an index page with frameset, then the stuff inside the frames is just plain old html files anyway, which you can display easily. bgcolor, etc. all still render fine in current browsers as well.

The main thing is that information which is important to people will get converted to newer formats over time, just as old print books get reprinted if they're popular.