Many of the legacy systems are still written in Cobol. We now are just adding new GUI (Windows) interfaces to these applications however, the Business code running on the Mainframe is still Cobol, PLI, Assembler, etc. The reason you do not see many job reqs for Cobol is there is still a lot of us old timmers still around. Most companys have been able to hire from within to keep those positions filled.
Additionally, most of the changes now are in the GUI interfaces. The Edits, Data input and presentation. The business code may still be Cobol however, the changes do not require as many people since all the edits, data input and presentation is being done in different languages.
Cobol has not gone away (and probably will not), it is just hidden in the back hallways of the new world. With the advancement of some compilers to support object oriented Cobol, we may see more interest in Cobol positions in the future.
etom.