While Freud's original arguments about the subconscious have been retired, and critics mock him, he is still the father of psychology and much of today's work in psychology is still based on his original theories. His Interpretation of Dreams is the foundation of which today's theories about the subconscious have been built upon.
Psychologists study people, holding society at a constant. But what happens when society has changed since the theories have been developed? Like everything else, even psychological theories need to adapt and grow with the times. The human mind is influenced by the world that it is immersed in, and when Freud developed his theories, women were suppressed. It is entirely understandable for the women that he interviewed (which were mostly women that were given to hysterics and had "tempers"), that they wanted to belong to the masculine world - the world of power. They were not satisfied in being passive sheep with a subservient position in society. They subconsciously rebelled against the norm, and so, from observing this, Freud developed his theories of penis envy.
Ideas based on a much more ridged society, and while some of his theories may not be valid now, this does not negate the validity of the rest of his theories. It slightly ridiculous for the critics to discredit all of Freud's work, for having a society that has outgrown itself. Much like the honorable Albert Einstein. It is now proven that he was wrong about his theory for GUT (Grand Unified Theory), but his work on relativity is still as timeless and valid as it was when he first worked it out. Omnipotence is not a prerequisite for having a working theory.
The problem with psychology is that minds are different. Anthropologists have it easy. They are studying a culture, not a mind. But as with them, each culture is different, and so they must scrap all their preconceived notions and start from the beginning. As with psychology. Each person is different, so each person must be assessed differently. It is doubtful that anyone would apply the behavior of schizophrenics if dealing with a healthy mind!
But the reason why Freud is the father of modern psychology is that he gave cohesiveness to the idea of the subconscious and disregarded the concept of "normal". His greatest contribution is that he taught that there is no template for what the human mind should be. It is what drives the human mind to do and be that makes each person unique. Find the cause, and not just a symptom.
The human mind is not static, then so why should the theories be static? The theories grow and change, but the basic underlying truths of the human mind remains the same. Freud's work on the basic truth of the human mind is timeless, despite his distracters. One may suppose from their behavior that they may be experiencing some "Freud envy"…