I remember taking a drafting class in high school, and was even an art major for a while in college before I changed course and got my engineering degree. Still have my good compass and many of my old art supplies, but it's been a long time since I've used anything other than just rulers, pencils, and pens. And even those I've barely used since I got my drawing tablet.
I think there's still a place for the manual methods and do think they should be taught... after all, there's not always the right hardware and/or software around. But I gotta admit, the computer (and drawing tablets!) provide so much added value for drawing (and professional drafting too I assume) that I would have students and professionals spend more time on them than on the old methods.
CAD makes it so easy to design and make changes that there is simply no comparison.