Nerd is still employed in my secondary school(which I have just finished, thank god) as a term for anyone who displays excellence and enthusiasm into a subject.
Thing is, people only used this label up until Year 10, wherein people became more accepting, and I became more assertive, and less shy.
Or it could just be me, but whilst the way that people are identified by others as "nerd" is still a bit old, I feel that I am not stereotypically a nerd: I am tall, large and quite assertive(at least in school).
In my country however(birth country, I live in the UK, but hail from Lithuania, Klaipeda) or at least the city in which I was born, nerd is replaced by "computer-fetishist"(rough translation: kompiuterastas) and is applied to anyone who spends time in front of a computer and doesn't participate in sports(seriously, I met one of my dad's friends, and when my dad said that I don't do sport, he replied with "He must be a kompiuterastas").
So for a large part of my life(I am only 16, so yes, a large part) it has been used in the traditional sense, and as an insult.