Above the fold was once an industry standard in web design but gave way to the long scrolling page design we see in many sites today. Because of better monitor resolution and technology like smart phones people are more adept at scrolling and probably prefer to scroll then read truncated text that links to other pages.
Now having said that, we still have to keep in mind that your information needs to have good hierarchy and that's where "above the fold" mentality is still important. In general it's good not to make users think too much, so it's pretty logical to place the most important information at the top. Putting some thought into your site structure and design hierarchy helps define important information that makes using your site an enjoyable experience and time well spent.
Here are a few sites that I think are doing this well.
Karma is a great example of long scrolling page design that keeps users engaged with great photos, an interesting layout, and good typography.
Srolling page designs aren't just for the homepage, take a look at this top level landing page for Nest.
The Square registration page is another great example of a scrolling interior page design. The use of icons, typography, and multiple slideshows create an interactive experience that guide the user down the page.
When our clients request that important information be kept above the fold, we don't question their motives or reasoning. The logic still holds true, but scrolling has become an acceptable form of navigation and we think it's here to stay.