It has been made obsolete within 10 scant years.
1) The Iraq War - Iraq was PNAC's primary target when Bush came to power. The war turned out to be one of the most brilliantly executed battle plans in military history, and at the same time, one of history's worst strategic blunders.
2) US Economic power - Eroded, as weakness in leadership has resulted in a multipolar alignment of the world's nations, not a unipolar one, as was PNAC's goal.
3) The idea that we would be the leading partner of the Americas, and all others would follow - Again, weakness in leadership, coupled with the desire to meddle in the affairs of South America, along with the misuse of ideals of capitalism to benefit a few, and brutal repression of attempts at democracy, has resulted in many nations in South America turning Socialist, and aligning themselves with Castro's Cuba.
4) Hegemony of the dollar - Gone, as our spending has gone so out of control, that many nations are beginning to abandon our currency in favor of the Euro, or in favor of a currency "basket".
5) The US as the world's largest creditor nation - That is what built the British empire, which did last for more than 3 centuries. However, the US has become the world's leading debtor nation, and the rest of the world will not tolerate holding notes which will never be paid off for much longer. Rather than centuries, the US empire will be known as one which lasted only slightly more than a decade.
While the Zenith of American power is now passing before our very eyes, other nations are now rushing in to fill the void. The future will be that of a multipolar world, not the unipolar one that PNAC had envisioned. Within the next 20 years, there WILL be a new world order alright. It just wont be the one PNAC had in mind.
Whatever happened to PNAC? PNAC died, but just doesnt know it yet.
Based on this article.