It does seem like it's gone missing. Greg had a few good athletes, but it seems like in the last year he's devoting more time to his other businesses, like his new book. I'd be curious as well.
In response to the greater question, I think that you have three levels
1. Nike level: World class athletes, highest visibility. Whether or not it directly influences shoe sales (Galen runs in this model, thus I should run in this) or indirectly (Galen runs in Nike, therefore Nike shoes are good even if I need an Air Pegasus) or only referentially (I don't run in Nikes even though I am a runner, but my daughter plays soccer and because I am indifferent about which shoes are best for her, I'll think good things about Nike because I know they support my sport at a high level). Bottom line: I'm sure it works.
2. Brooks/Hanson: This drives traffic to stores. It works. On the margin, a serious runner that has access to an elite program, even casually, will pay extra. Let's not forget that for 95% (or more) of hobby runners, running shoes are a commodity that they could probably get for $70 bucks at the local Dick's or Sports Authority, but they go to a fancier place and drop $140 on an overkill shoe, plus orthotics, socks, etc. That's totally unnecessary for the 3x a week 10 minute milers, but I'm going to be that's a big part of the appeal.
3. NJNYTC, Zap, McMillan (when it existed). 90% charity model to support near-elite post-college athletes chasing their dream. Absolutely nothing wrong with it, but no one is getting rich. Best case scenario is some publicity around National-class winners and Olympic qualifiers.