There are still a LOT of 8051-architecture CPUs around, and it is worthwhile (IMO) to learn about them, if only because of their historical significance. The Architecture is a little old-fashioned compared to an AVR, but recent chips have single-cycle execution and internal flash memory, making them pretty competitive with most other 8-bit CPUs when it comes to performance and price. For some reason, they don't seem to show up in many hobby projects any more (a lot of them stopped appearing in hobbyist-friendly packages.)
For sort-of obvious reasons, a lot of chip vendors who consider their actual expertise to be in peripherals rather than CPU design chose to throw an 8051 core onto their otherwise State-of-the-art peripheral chips. So you see things like single-chip radios with cpu, mp3 decoder with cpu, CCD interface with cpu, advanced A-D converters, audio processors, USB hub controllers with CPU, and so on, all with 8051 cores for their CPU.
Modern 8051 vendors:
Atmel: single-cycle AT89LP series with up to 64k flash, standard 8051-architecture with ISP flash, small pin count DIPs down to 20pins. CAN, USB, and "Lighting" CPUs.
Cypress: EZ-USB (an other USB microcontrollers) and PSOC-3 (Programmable System on a Chip. CPU with a significant FPGA array on the same chip) are available with 8051 CPUs.
TI: single chip radios and USB peripherals with 8051. eg CC1110Fx, TUSB3410
Silicon Labs: advanced analog peripherals, ultrasmall packages (QFN10, 2x2mm), low power.
Analog Devices: advanced analog. Eg ADuc845 (w dual 24bit A-D converters!)
See also
http://8052.com