With all the rage among webmasters around the world for bookmarking their sites I was wondering if it is really that help ful nowadays with so many websites and blogs in competition or it has lost its charm already?

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theu are really helpful until today.. but almost many of social bookmarkings are nofollow.. like stumbleupon, reddit and more...

Social bookmarking is still used today to target/gain site traffic..

they will still have big influence on the net but only the better one would stand tall. the small one will die when it just can continue to support its existence with low traffic volume.

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There are some social bookmarkings really helpful in blog but some of them also are waste...

Social bookmarking is still important. As there is huge number of websites poping everyday, we need links to webpages that other people consider of enough worth to share or save.
These bookmarks are saved by category or tags or via search engine and makes quality webpages more accessible

no follow?
so the only benefit that we can get here is traffic?

They can bring in huge traffic which sometimes also converts, But most of them are no -follow. So now does not gets counted as a backlink.

I would always care about traffic and coverts other thank Rankings. My site wouldn't do good with high PR but low traffic.

Yes, social bookmarking is still very much in demand to get some unique trfiic to your site