It's definitely still in use and there is noting wrong with it, even though it is, perhaps, not always strictly necessary.
When you indicate a time, you can (should? not sure) use the present instead:
Morgen gehe ich einkaufen. Am Dienstag bekomme ich Besuch.
If there is no such indication, use the regular Futur. There are also cases where it would be confusing to not use it:
Ich werde immer an dich denken = I will always think of you (I won't forget you.)
Ich denke immer an dich = I am always (i.e., constantly) thinking of you.
You might also want to use it to make sure that your sentence cannot be misunderstood as a more general statement:
Im Sommer fahre ich auf (or: in) Urlaub.
This could mean both "this summer" or "every summer". "Im Sommer werde ich ... fahren" removes this ambiguity.