I don't think it should be relevant anymore. First of all, I think we learned from our mistakes and we are not modest when it comes to lifeboats and other means of saving the lives of people in case of disaster. If we're capable of making a boat 290 metres long, we can as well put enough lifeboats on it. This particular disaster is a good example; more than 4000 people on board, and not even 10 dead (of course, there were some circumstances that made it easier to save people; if it happened on an open sea and not in front of an island, there would have probably been more dead, but most certainly not anything as disastrous as the Titanic).
Second of all, women in the past most likely didn't even know how to swim and it was socially unacceptable for a woman to do a physical job, like physically helping others, lowering the lifeboats and generally doing any hard work. Those days are over. The priority should certainly go to children, and not to women specifically only because they are women. Besides children, we should let the elderly first (although, that should really depend on the old person; I believe a lot of them would sacrifice themselves and let young people survive), as well as anyone injured, physically disabled, pregnant women and people who can't help in any way, but require help. I would also let young parents with kids and men from families where the man is the only one who works.
However, in all that chaos and fear, it's difficult to filter people like that. "Women and children first" is somehow the easiest filter to make, because it is in our nature to secure the ones that give birth and our young. I don't know how would I behave in a situation like that, but I would feel horrible if someone lost a father, grandfather, a child or an injured person didn't get out because it was obligatory for me, a woman, to get out first, despite the fact that I might be capable of waiting, maybe even helping in some way. I believe we should get past that "rule" and first help those that need help, regardless of gender, age and/or status.
In the end, it's a tough choice and I believe we should work on getting better means to save everyone and to give everyone an equal chance to survive in a case of disaster. Simply put; there should be enough lifeboats for everyone and enough time for everyone to get out safely (meaning, the captain should not wait for the last minute to tell people that the ship is fucked up for good).