The "Control of the Seas" at it's various "choke points" is still a good naval strategy, even in this day of long range bombers (since so few nations have long range bombers).

If you look at the "small" British outposts around the world you see their naval control of the seas strategy writ large.

The Falkland Islands and St. Helena control the southern Atlantic.

Singapore controll the Singapore Straits, and it along with Australia to the south controlling the Torres Straits controlled the entire eastern entrance into the Indian Ocean.

South Africa controlled the western entrance to the Indian Ocean.

The Suez Canal controlled the northern entrance into the Indian Ocean.

Diego Garcia gave a controllable port and fueling station for the ships in the Indian Ocean.

Hong Kong controlled access into Southern and Middle China.

Kuwait and Bahrain controlled the Persian Gulf

Jamaica controlled access into the Carribean while Bermuda controlled access into the NW Atlantic

Well ... you get the idea, and the concept of naval choke points is NOT a dead idea in this day and age since it still gives a nation huge strategic advantages (militarily)