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I'd like to add that ADDIE is more about process management, not psychology. ADDIE can be used when developing a course, but it has nothing to do with which approach to learning theory you choose to implement.
Maybe we should be asking "how relevant is ADDIE to learning theory and curricula building?"
Let's be clear: ADDIE is not a model for instructional design. ADDIE is simply a framework for managing any creative project, and can be applied to almost any topic.
As for ADDIE being a waterfall and not coming back up, I disagree -- if problems are found during the evaluation phase of ADDIE, the project should go back to the 'analyze' phase to work on whatever issues were uncovered. It's a circular pattern, but many simply don't see it that way because of how ADDIE is typically presented to the public.
ADDIE is an iterative model.