True enough, though according to 1 John, we have already overcome him.
Regardless, however, "The Devil Went Down to Georgia" is nothing more than a fun country music song with amazing string accompaniments. I don't know very many people who will go up and wager their souls against a fiddle of gold after hearing that song.
I always wanted to see a movie made of this song, with Doug Kershaw as Johnny and Jean-Luc Ponty as the devil.