[snerbles]

Still is. When doing sneaky stuff in enemy territory and they have all exits blocked the usual procedure is to cloak up until the combat timer runs out, then (after checking for hostile combat probes) de-cloak and start safe logoff.

If you're in something big and expensive (i.e. a black ops battleship), there's still a good chance you can get probed down and turned into a big fat juicy killmail before that timer expires.