It became meaningless around the same time that UEFA started fannying about with the european trophies. It is now considered more important and a bigger achievement to finish 4th, 5th or 6th. Sad but true.
The FA Cup would gain a lot of interest again if the CL was cut back to the league winners. Ain't gonna happen though. As for the league cup - what a joke that is. The sponsors dish out a measely £100k for the winning club.