The Levels command has always been a primary command in both Photoshop and Photoshop Elements. Many new commands and methods for adjusting the exposure, contrast, and color of an image have been added over the years. As the article below from DPS demonstrates, Levels still serves as a quick way to adjust and correct your photos. It is generally my go-to command when I edit JPEG images.
http://digital-photography-school.com/using-levels-photoshop-image-correct-color-contrast/
Do you still use Levels?