Is it still being updated? doubtful, is it outdated? definitely.
It's a human edited directory, no one can do that forever...right? what a job...sheesh...Google announcing that it uses DMOZ data in it's serps was probably the worse thing to ever happen to DMOZ.
Most sites on DMOZ have been around for a good while, link authority based on link age is a factor.
A lot of the DMOZ pages have page rank, always a bonus on any directory site.
The DMOZ directory is echoed across the internet increasing your link popularity.
They could of made a fortune if they had charged a fiver per signup and probably cut the work load in half at the same time