Pretty much what Sees and Thorbjorn said.
One of the reasons I refer to it as the Old Way is because it's exactly that: a way of living. Beliefs aren't as important as what's done.
There's a scene in Conan (I think it's in the extended version, but I'm not 100% sure) that sort of illustrates how truly important the Gods are to our every day conduct. They're getting ready for the big climactic battle, and Mako's character comes up to Conan.
Mako(I honestly forget the character's name, so it's Mako): The Gods are pleased. They will be watching!
Conan: Will they help?
Mako(smiling): No!
Conan: Well then tell them to stay out of the way!
IOW, not really important at all.
The Old Stories, and the New, are still intact. Rituals are, to me, more about symbolic reenactment of Lore than actually appeasing the Gods or mechanically going through motions (if that's all the rituals have become, then it's better to discard them except to induce some sort of trance state for whatever reason).
And the spirit of the celebration of glorious failure would still be there. That is to say, if failure is inevitable, fail in the most spectacular way possible, such that it will be told and retold for all time; such as Beowulf's fight with the dragon, the story of Ragnarok itself, or even stories that are more mundane such as that of the E.T. Atari game (for those of you who don't know... very long story short, "worst game ever made" made by the same guy who previously did "one of the best games ever made"), or spectacular and ironic tragedies such as the Titanic's sinking. After all, as Manowar observed, Valhalla waits so choose thy fate, for all of us must die.