I readly admit that I am no expert on this, so it's my personal layman's oppinion;France is "relevant", but it has been eclipsed by Germany and others to an extent that there is a need to remind people that France is still a force to be reckoned with. This includes domestic audiences.
-DA
I think that in the eyes of the UK-lead "transatlantic club" France has seriously under performed in the area of foreign&security policy. Interestingly Sarko agrees with this judgement and wants France to become more offensive. It also appears to me that France have invested heavely in millitary hardware to back-up a more activistic foreign policy. And make no mistake the french aren't pacifists.
Within the EU, France has maybe lost some ground and Germany gained some. Germany appears very strong because of the german economy and the weakness of the "mediterranean club" (Spain, Itally, the greek and portugal to mention a few).
But Germany is also a strangely impotent power, Is's very powerfull when it comes to decissions on economy and finance but security&foreign policy they havn't much to show for and are not leading anybody anywhere, as far as I can see.
And I think that this Libya crisis shows, or reitterates, that germany (of interior reasons) is very weak and untrustworthy when it comes to security policy.
On a more "historical level" What I think we are seeing is the slow formation of a European federal state, in this case the slow formation of a common european security policy (in some shape).
It's back and forth and there are camels to swallow...