Is there a place for WordPress Post Formats in modern web development?

WordPress Post Formats came into the core code of WordPress as a way to compete against Tumblr and a few of the other micro-blogging apps. WordPress has since dominated most of those micro-blogging apps. So, is there still a usage for Post Formats? How can you use Post Formats for your clients? Are there advanced customizations you can take advantage of in WordPress? Join us and see.