From the linked article, an example that observes the HTML5 spec:
<p><cite>Aladdin</cite> is a great movie, even after 73 viewings. Aren’t kids great?</p>
So, as the spec states cite may be applied to "a work that is mentioned in passing", we're seemingly invited to apply it thus:
The first book of <cite>The Lord of the Rings</cite> trilogy, by J.R.R. Tolkein, was <cite>The Fellowship of the Ring</cite>, followed by <cite>The Two Towers</cite> and, finally, The <cite>Return of the King</cite>.
And if we feel the author's name is unfairly left out of the game we have the option of marking it up with sort-of-HTML5-ish Microformats.
An article on cite at the WHATWG Wiki (created by Tantek Çelik) in support of retaining it's use for speakers or individuals.
Jeremy Keith's 24 Ways article Incite A Riot also argues against the new restriction.
Benevolent Dicteditor of HTML5 Ian Hickson explains his decision.
As I've no plans to use HTML5 at present, I'll continue using cite for sources of quoted content, not for any old title of a work that appears in the markup.