I think that selective colouring, like any easily accessible effect, is overused. However, that doesn’t mean it’s absolutely useless. I don’t think that photoshopping has killed photography anymore than Magic Bullet has killed the film industry. When you look at a photograph you can tell when someone has used selective colour as an integral part of the story they’re telling or if they’ve just put whacked it on to make a shitty photo look ‘arty’.
After all, selective colour was good enough for Spielberg.