I was watching a program on the Military Channel the other night and it was about the battle to rid the city of Fallujah of insurgents. The military told the populous they intended to attack and imposed a deadline for all non-combatants to leave, stating they would treat all people remaining after the deadline as enemy soldiers. They proceeded to clear every single building and house on every single street, in some of the worst close quarters combat since Stalingrad.
In one house an insurgent was holed up in a room with a sunken floor setup, so that shots at center mass were going over his head. So these Marines decide they had to enter the room to finish the fight, and one guy went in and tackled the shooter. His buddy came in to back him up, but could not risk taking a shot while the two men rolled around fighting on the floor. So, he affixed his bayonet onto his M16 and proceeded to stab the insurgent every time he got an opening to stick him. The other Marine took out his own knife and began stabbing the insurgent, and the guy finally succumbed to the multiple stab wounds.
So, I think a bayonet has definite value if the situation gets to the point where you need to stick someone.
And you know what they say: if you get a shot at sticking someone, you better stick them, because if they get a shot at sticking you, they will stick you....