No it isn't. Modloader is undoubtly the best way to install mods in VC/SA (note that I didn't include GTA 3 on purpose, there are still some bugs with txd files being unused at certain times - for more references, check aap's xbox and ps2 cars to pc thread), but that doesn't make IMG Factory ancient. Especially when it is still needed for extracting files or for map replacing mods. If anything, IMG Tool 2.0 is ancient.
IMG Factory is ancient nowadays
If you all really like bashing IMG tools so much, then call IMG editing obsolete, as a tool is not a way to install mods.