The 'Ai ni Ikeru Aidoru' concept is alive and well.
The fact that there's so many fan interaction events with the frontgirls at what is possibly the height of AKB48's popularity, shows that they're still committed to the concept, even if it results in people not getting to meet their faves for very long at a time. The theatre keeps AKB48 grounded, not in the psychological sense but rather in the 'roots' sense. It provides an avenue for every one of the girls, and at the same time provides insurance. Because let's face it, this isn't going to last forever. And no matter what, that theatre pays for itself, and it will always be there. I'm sure there are some who feel that the man is trying to bring them down, but it's more an effect of them being more popular than before.
I think it still counts. Most of the time you don't even get close to idols unless they're b-list. The concept has worked for 5 years, it will continue, even if it's scaled down. And didn't they do 2shots with SnS? That's still pretty recent..