Yea, the trail is still there, it actually ends on the east side of the road across from the TTC. With the lodge there now though and all the trees, you can no longer see the Magic Kingdom (at least last time I was down there), I don't think it goes as far as it used to.
You used to be able to drive your golf carts down there, was one of my favorite things to do as a kid. Now only joggers/bikes are allowed down there, oh, and the horse carriage rides will go back down that path sometimes as well (although not all the way to the end).