I'm not completely in agreement with its deprecation, but I do see the rationale from separation of content and behavior (and presentation). JavaScript can give the functionality back, but unfortunately, there's not much in the way graceful degradation for user's with JavaScript disabled for whatever reason. Personally, I just use a middle click on my mouse to open links in new tabs. I tend to even do it on Mac Rumors, even though posted links are set to open in a windows.
I also have to wonder if it will ever truly go away. I mean the i and b tags were also deprecated, but HTML5 has brought them back. They simply modified their definition. I doubt I'll use the i and em tags ever again though.
Finally, validation should be thought of more as a guideline. If you understand why something doesn't validate and you're OK with it, then power to you. I mean just look at the validation of the Google home page. It's horrid, but they have their reasons, and I feel they're legit reasons.