In the UK geography is still an integral part of the school curriculum so in that respect it's still important and students will have to take that class and be tested on it at the end of their schooling. As for if it's important in the real world then I'm not all that sure really. There aren't many people that will use what they learn in geography in every day life, and while I think people should obviously know about the different countries of the world, unless you plan on a career that involves geography then that's about all you need to know.
If you look at a students schedule and see that they have 3 hours worth of geography a week, could them 3 hours be filled with a subject that's more important and one that they would actually use. I think it could be, but then again, having said that I'm not a geography teacher so I'm sure that they would say something entirely different!