Yes, and I - for one - am not convinced that that approach has been proven wrong so much as it just hasn't been realized yet, for whatever reason. If I had to guess, I'd say that "whatever reason" is some combination of not having sufficient hardware, and not fully understanding knowledge representation and reasoning algorithms well enough yet.

Of course I could be wrong, but I think there's a good chance that a lot of "Good Old AI" stuff is still valid, but that it was just too early for it then. Maybe it still is, time will tell.