Yeah, Al's dead, but he's had quite an effect on the DC Universe, moreso than some other JSA'ers. Atom Smasher followed in his footsteps, as has Damage. He's connected to the latest Manhunter as well, as I recall.
Oh, and for an explanation on the atomic powered punches and the new threads, read the 80s title All-Star Squadron by continuity-master Roy Thomas.