Nope, it definitely carries a lot of meaning still. Many younger members of the japanese work force (those are the only people I can claim to have talked about this kind of thing to), have a pretty clear perception of what makes a "black company":

- Unreasonable hours

- Distinct social pressure to not leave before your boss

- Non-optional drinking after work

- Absurd drinking rituals (ex. when you cheers, your cup must be below the more senior employees, a senior employee's cup near you should never be less than 80%)

- Threat of being randomly reassigned to a distant town if you get on someone's nerves

- list goes on...