Absolutely. The point has been made here already, but PHP + (Framework of your choice) + MySQL can still be used to produce great web applications quickly and easily. My framework of choice happens to be Symfony, but there are many good options. I also really like Compass for CSS and Capistrano for deployment (both borrowed from the Ruby folks) and that's fine too; they don't require any server-side Ruby support to be useful.
I would argue that a lot of the frameworks seem to be converging in ideas and functionality and borrowing heavily from each other, so whether you use PHP/Symfony, Ruby/Rails, Python/Django or whatever you probably will have more shared core concepts across them than differences. I think that a more interesting question would be "Is PHP/MySQL still practical for building web applications if I don't use a framework?" And the answer there is "that depends..." :-)
I would argue that a lot of the frameworks seem to be converging in ideas and functionality and borrowing heavily from each other, so whether you use PHP/Symfony, Ruby/Rails, Python/Django or whatever you probably will have more shared core concepts across them than differences. I think that a more interesting question would be "Is PHP/MySQL still practical for building web applications if I don't use a framework?" And the answer there is "that depends..." :-)