Not only is the hobby still around, but they're building them better than ever...
Check out this thread I posted last year. There's way too much to re-post here....
Plastic model car hot rods & customs (many pics)
http://www.freerepublic.com/focus/chat/3696532/posts
Not only the models, but the paint as well. Testers makes some of the old Chrysler colors, Plum Crazy, Purple Passion, etc as well as the authentic engine colors, Ford blue, Chevy orange, under license from the carmakers.