Yes the IKC is still around, though not quite the event it used to be. Mr. Trejo has taken the task of rebuilding the event. When I last saw Mr. Trejo at a seminar in Sept. 04 he said that the tournament had about 1400 competitors, which was more than the year before.
http://www.longbeachikc.com/
click the link for more info on the 05 IKC. I hope to make it (eventually).
-Josh-