As someone involved in a subculture that revolved around drug use when I eventually tore myself away through an education portal this book was the one that helped me make sense of what I'd been through: both in terms of the experience of being involved in the subculture and of being the 'subject' of the moral and legal sanction of the authorities.
Of course, the out-groups have changed, of course the notion of the label being 'fixed' is flawed. But most of the claimed problems with the book stem from academics more concerned with selling a 'textbook' or bashing a 'theory'. How someone can claim a symbolic interactionist is 'deterministic' defies common sense.
This book still has a lot to offer because the issues may change but people remain the same - social beings likely to engage in some form of activity that draws them together and sets them apart. Forget Hebdige, look beyond the label, and it all makes sense.