It's definitely less necessary than it was a few years ago.
I find it useful when you just want to add a little bit of interactivity to a mostly static page, and you're not sure who's going to be maintaining the page in the future or trying to use it as a template.
A lot of people who know a decent amount of HTML and CSS but aren't that familiar with straight JS dom manipulation, or what functionality works cross-browser, can tweak jQuery-based code more easily. That's really a tribute to the jQuery project--the documentation is simple and a lot of the methods (e.g., show, hide and append) are very intuitive.