At least in my area the impact factor of a journal is considered as their best quality criteria, bigger impact factor correlate to better quality (actually, bigger prestige). My colleagues and myself use the impact factor as one of the principal criteria when choosing where to send our manuscripts. Then, I think the answer to your second question is yes, the impact factor has a lot of use and value these days.

New magazines are in disadvantage at least in the first couple of years, then you have to consider their focus, editorial board, etc.

In my institution these have some values. IF and CI are considered during up gradation.