drop bear
Sr. Grandmaster
It is, and it isn't. The times folks think it'd be useful, it's often protected. The times folks feel helpless, the attacker often thinks them so, as well, and isn't focused on protecting his bits. It's certainly not the panacea some have put forth in years past (even in a few fairly recent videos), but it can often be used to break someone's structure simply because they're so busy getting it out of the way so you can't grab or hit it.
And we are still talking about being able to knee a dude in the face. Which is as good as most groin shots.