Yes, it is still played in Hong Kong by the serious Wargamers.
IMHO, it is a set of rules preferred by the hard-core wargamers.
Why the Hong Kong DBMM Boys are still playing DBMM after we have played it for more than 8 years?
I have played more than 80 DBMM games every year but still find each game totally different from the DBMM games that I have played before.
Several Hong Kong DBMM players even have more than 50 DBMM armies.
We have tried FoG and some of us have played Warhammer Fantasy Battle before we focused on DBMM.
IMHO, FoG, like the current edition of WFB, are easier to learn to play but tend to give you steriotyped gaming experiences. Sooner or later, you will find the game highly resembling one of the games that you have played a few weeks before.