I've been spending a bit of time over at Physics of Aiki. The author teaches Aikido and is really examining his art to determine it's relevance in today's world. I have stated that most traditional martial arts contain realistic and effective techniques. It is the people and the manner in which they are taught that can be lacking.
This blog in quite interesting. The author respects tradition and clearly love his art but he wants to make sure it is still combat effective and realistic. He is putting his technique to the test against the real world, which I respect.
Take a look. I think many of his thoughts apply to serious martial artists of any style.