Dumping and loading can still have value.
But, as always, "it depends".
If you have significant processes that access data in a particular order and if your record creation and update process causes records to become logically scattered then dumping and loading will improve performance for the processes that access data in that order. (That was a mouthful...)
If, however, more than one significant record ordering exists in your application reordering that improves some processes may hurt others.
Also... in v9+ you can use storage areas to concentrate data into homogenous data blocks by creating areas that only have a single table in them. This brings many of the advantages of a dump and load to your application and can be much more resilient than dumping & loading all by itself. See:
http://www.greenfieldtech.com/articles/storage_areas.shtml
for more info on that.
In OE 10 type 2 areas take it a step father by explicitly making blocks homogenous and allocating them from disk in larger units.