Still works for me (although I always use it logged in). If they kill old.reddit, I may finally abandon the site. It's been slowly losing value for a long time and being forced to use the hot garbage of the new UI might be my tipping point.
What? No this is completely incorrect. old.reddit is a way of viewing reddit with the old (in my opinion far superior) UI, but includes new posts and comments. As for whether or not it requires an account, that appears to be something that they are A/B testing.