It's still viable. Kitsun summed it up pretty well:
Gear can be spendier (I had to spend a lot on strength enhancives) and it's higher maintenance, but mechanically superior.
Personally, I was sword/board up through level 60ish. If I was doing a rogue all over again, I'd probably do it similarly. THW is also pretty good. In my opinion, THW works the best with 410. You can prone the whole room, then smash heads one at a time with a maul. It works well and can be accomplished by mid-low 30s but it's too TP-intensive to also do picking.
For sword/board, handaxe is the way to go early on, then as you get more weighting from ambushing you can use daggers and get more reliable kills. Good CM choices make a difference as well.
With respect to some of the comments about hiding...
I've probably got one of the higher hide modifiers out there (capped halfling rogue, 3x hide, smastery master, tier 2 armored stealth in double leathers, and +43 in hide enhancives). There are some things you straight up can't hide from. Ghost wolves (and I think cold guardians), for instance, will sniff you out every single time. Rift crawlers are tough to hide from, arctic wolverines as well. I've got no trouble hiding from cerebralites. I've started doing some foraging on planes 1 & 2 and I can walk around 100% stealth. So, plane 4 I'm definitely combat-effective stealth-wise and on plane 1-2 I might as well be invisible. I don't think I ever muck around on plane 3.
There's certainly a distinction between creatures searching you out of hiding and being revealed from hiding while sniping, by the way. I can easily fire and remain hidden in front of ghost wolves.