It really depends on the kind of software you're writing. On one end of the spectrum, you've got run-of-the-mill data-driven CRUD apps. On the other end, you've got compilers and databases and such. I've worked on both, and I can say that when you're on the CRUD side of the equation (i.e. the side where you make money instead of fawning over CS theory! :P), it's true that more advanced algos are less common ... because you're typically just importing libraries that do the hard stuff for you.