When the EH/MM is not taking advantage of it, no. When they are, very yes.
I remember in the late 90's Silver was pretty commonly used. Seemed like a good deal of folks had silver weapons, but not so much so that they were the norm. Now in the past year of being back in Realms, I can't recall even hearing silver being called as a strike. I don't profess to being at a ton of events, but I've hit a good few. My view point is that it isn't, or is rarely used. It is, though, a very useful combat call when it is absolutely needed. Has it become less common, or have I just missed quests and events using it?
I think the increaded cost on weapon construction hurts the silver call. It was not such a big deal when your 5$ weapon was stolen. Now that good weapons cost upwards of 15 to 25$, I am not seeing it as an acceptable loss.
Now if an event holder had the money to produce say 5 -10 well made silver weapons and then sold some at auction for gold only and released the rest on normal npcs along with the gold from the auction, that would ve awesome :-)