I can think of 2 reasons (at the moment) why people would still use iframes instead of AJAX:
1) Iframes circumvent the cross domain origin policy (images, scripts, and styles do not). This can be useful for pulling in sites / content from other domain names relatively safely. Basically, this allows the advantage of being able to visually show data from other domains without letting them stomp all over your page with unlimited access (like something like JSONP would be able to do).
2) You can load multiple types of resources from within an iframe, not just certain mime-types (you’re relatively limited to application/javascript, application/x-javascript, text/css, text/xml, image/png, image/jpeg, image/gif with scripts, XHR, images, and sources). For instance, if I want to show you a PDF, I can open an iframe and let the Adobe Reader plugin show you that file. Additionally, in the same domain, if I want to pipeline a script, style, and image all together (inline on the page, image would have to be data URI), I can accomplish this with an iframe (and if it’s in the same domain, port, and protocol I can access it with JavaScript as well).
Did you know that Gmail is a set of iframes? The visible part is just clever positioning. Additionally, many OAuth implementation (Twitter, Facebook, Google, Yahoo!) usually use iframes to associate a user on their domain with a successful authentication URL (for after the user logs in).