I love this saying and definitely believe it rings true even today. I used to nanny for infant twins with a toddler sister, and on particularly tough days when mom, dad, and/or I were frazzled and worn out their mom used to smile and say "It takes a village!" as a way of acknowledging how much harder any of our jobs would be without the other two.
Studies have shown that the more loving adults a child has as a stable presence in their life, the more well-adjusted they tend to be throughout life. I think all children would be better off if their parents felt more supported by a community of other people who love and care for them and their children. When it comes to raising children, I think isolation is the enemy!