Are sed/awk still viable?

I'm a relatively green sysadmin who want's to get his scripting skills to the next level. My experience has mostly been limited to simple bash/expect scripts, and I've been spending my time recently focusing on Python.

With the growing popularity of Python and the 'hot new tool' which pops up every month, do you guys still find yourself using sed/awk at all? I've got a good understanding of regex's and use them in my Bash scripts, but haven't seen much discussion on whether or not it's worth learning the in's and out's of these tools with a more full-fledged langue like Python looming around every corner.

What do you guys think about sed/awk and their use in today's sysadmin world?