I\'ve been reading about SQL injection attacks and how to avoid them, although I can never seem to make the \"awful\" examples given work, e.g. see this post
Magic quotes don't take character encoding into account, and thus are vulnerable to attacks based on multi-byte characters.
As for it being a risk today, Google searches turn up countless vulnerable sites. An SQL Injection vulnerability was reported for Bugzilla around September 10. So, yes, sites are still at risk. Should they be? The tools are there to prevent injection, so no.