Russell's Principia Mathematica status

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I have recently read the excellent graphic novel "Logicomix" and I was wondering how Russell's work is considered in the modern mathematical community. I know that Wittgenstein and, much more formally Gödel, have dealt hard blows to the Principia (and every other formal systems for what matters) but does it continue to have some value as the logical foundation of mathematics? Is it advisable to read it or is it dated and is it better to focus on more optimized alternatives? And in this case what are the alternatives? Modern set theory?