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Subdomain which has dmoz link had only one more link from main site. The pages used not to be indexed in major search engines. Guess what? Six months has passed and Yahoo has indexed approx. 3000 pages on that subdomain which has dmoz link and it sends visitors slowly. Sitexplorer shows 300 links to it - almost all copies of DMOZ.
So, DMOZ seems to be still valuable at least for Yahoo if you have much pages.