I feel like rope dropped has definitely changed since FP+ was dropped. This is because the more experienced park-goers would simply get FP+ 60 days out for the more popular rides and then rope drop their secondary picks. The crowds going to each attraction were split up (even marginally). It also used to be considered an "advanced" WDW tip. Many parks used to have pre-opening breakfast. Early Morning Magic hours used to be longer and spread across the parks on different days (if I'm remembering correctly)--this would allow you, in the words of a known blogger, allow you to "zig" while others "zagged". i.e. if MK had 1 hour EMM, you could rope drop a different park with a normal opening hours and the crowd would be less intense.
Now every Disney planner explains to their clients how to rope drop (no shade, it's good to make sure your clients know their options!) so it seems more common. Early Entry is the same time at every park for on-site guests. Not everyone has three guaranteed "skip the line" rides so they want to get bang for their buck in terms of trying to get on as many attractions as possible while the parks are open.
For us, we go pretty frequently so we no longer rope drop because we don't feel the need. We prefer to have a more laid back experience and only do a few rides a day and just enjoy the stores, food, ambience, etc.
So the long answer to your question is, whether rope drop is worth it depends on your vacationing style and whether you want to maximize in park time.