Speaking from Europe, or thereabouts...
Within at least some JAR(and EU-Ops?) Commercial Air Transport operators, and certainly the one with which I am associated, the CofA Airtest has become a Quality System item:the Check Test Flight. So it continues to be carried out, under another guise. Helpfully, the UK CAA has replaced the former CofA schedules with CTF schedules.
The question is then: should all Part M providers (now that Private and Aerial Work has gone Part M also) put a CTF profile requirement into their Quality Systems, so that all aircraft have such a periodic review?