This game is a great rivalry because it is a matchup between border states, whose recruiting and fanbases overlap; because it is almost always important in determining the hierarchy in the best football conference in the land; and because the teams and fans genuinely dislike each other. All of that is just as true this year as it has ever been.
If it has "fallen," it is because Alabama has spent more time in the NCAA penalty box and getting it's coaches out of strip clubs than competing on the football field over the last decade. Running off 10 wins in 12 games can take the luster off of any rivalry, but I'd bet there were a few conversations in Tuscaloosa about how the game had lost its shine duing their long streaks as well.
It may not be a matchup of top 10 teams, and there are other premier games Saturday, but way too much has been made of the networks passing on the matchup. TV is decided by popularity and glamour. This is a game that will go a long way in determining whether UT has really rebounded from 2-2 (and 5-6) and is capable of competing for the east title, and whether Bama at 5-2 is legit under their new mercenary or if they are just the beneficiary of good scheduling and not so far removed from the days of Shula/Price/Francione/Dubose.
The game is important, just as it always is. This "lost luster" argument is forced, IMHO. The winner will be at the top of the conference standings, controlling their destiny for the BCS. The loser will be left to struggle to put the season back together, all but out of the conference race.