You narrowly missed the days when it was useful. When I started regularly sysadmining in the late 80s/early 90s (after being a mere user for the a few years) I found I had to learn ed. /usr was always a separate filesystem so any time there was a problem booting you didn't have vi available. If you didn't have at least rudimentary ed skills fixing the simplest problems would be rough.
In linux at least the separate /usr never seemed to get that popular. If you can mount the root filesystem you've got basically the whole OS at your disposal.
I will say that learning ed (or, better yet, ex) well does make you a more efficient vi user. When all you have is command-mode you get very adept at using it. It's actually sort of fun, too. Just hit "Q" in vim some time and see how you do with only ex commands.