It's still marketed as an aristocratic drink, and I would guess it's still consumed by a lot of rich folk. But because of its usual low price (you can get a 700ml or so for $5) its reputation has developed into something else entirely, at least in rural Australia.
I was stunned to notice that in bottle shops here, you can buy all kinds of truly shitty port for cheap drunks who want to get sloshed. I was raised on port being a classy drink for people that know their shit. It's full of flavour and I love it. Sad to see it wasted on cheap drunks, but I suppose it's bad quality grapes that deserve to be wasted and it's not much of a loss in the end.
God, I had to correct a lot of typos in this post. I am so gone.