Yes. Technology changes quickly, it is true but the principles of communication do not because humans and human wiring don't change nearly as fast as technology does. Newer =/= better.
Web design is a fast-moving field and the topic of credibility and communication of web sites remains key. In this context, I question the 8 year old research as being the best valuable we can get. A lot of work is done in this area and our collective attention is better directed to state of the art.
It would be great to have a more up-to-date version of this research. Unfortunately it isn't on http://www.webcredibility.org/ -- the site referred in the paper.
http://www.useit.com/ is a good resource and they are others.