Not really getting too deep into the LORAN vs GPS issue, but frankly, LORAN is near the end of it's useful life. ( Note: I did not say it was no good. It IS good. )
The problem is that as far as I can tell, LORAN units are no longer manufactured for recreational use, and congress has repeatedly tried to get rid of the LORAN stations. They are currently supported, but for how long?
GPS, on the other hand, is currently manufactured, readily available ( you can likely get a GPS unit at the nearest Truck Stop! ) and it's output is easily used by the rest of the electronics aboard ( anyone got a recreational DSC VHF or EPIRB that accepts TD's? )
So, sure, the unit may still perform it's functions as designed. The problem is that in the current environment, it does not fit in very well, if at all.