It's been outdated for a while, simply because the decision-makers in WWE are so hard-headed that they don't want to ever go off-course which leads all the obvious people to win. Batista, Benoit, Rey, Undertaker, Orton, Edge, Del Rio, Sheamus, Cena, Batista... They were all obvious and everybody knew about them before they happened. Other than Cena's win in 08, every single Rumble has gone along as planned which has been boring. Yeah, it's always fun to speculate as to who are the dark horses. Jeff Hardy is hot in 2008, maybe he has a shot now? Morrison is hot in 2012, maybe he has a shot? Punk is hot... Ziggler is hot... Bryan is hot... Guess what, they never happen. Whatever is the obvious pick is always the one who wins. The Rumble's biggest surprise has been JOHN CENA. Just let that sink in. The face of the company and the central focus of the show for 4 years straight at the time was the biggest shocker in the past decade. If that doesn't reek of an outdated concept, I don't know what does.
Now, I don't think the Rumble itself has to be done away with, but the "automatic title shot" concept does. With 2 world titles, we knew which 2 matches were happening at Mania, but any of the two could win the Rumble. Now, it's only 1 guy and that's just boring. What they could do is have the Rumble winner get a match at Fast Lane. Like that, it literally could be anybody since it could easily be a contender who's going to put over the champ on his road to Mania, or it could be someone else who's going to shake up the title picture right before the grandaddy of them all.
Fast Lane is a stupid PPV name though, so if they move Night of Champions to February, I would endorse this move. It could easily be explained in storyline as next year's winner NOT WANTING TO WAIT TIL WRESTLEMANIA.