I wouldn't say it's "bringing it back" per se, since most of the kids that are buying it are already familiar with some/all of the songs.
I do think that it is helping to reintroduce some of these songs.
That been said, I own it.
It is the only video game (other than tetris) that I have ever bought, and it was worth every penny.
I know how to play guitar in "real life" and I find guitar hero to be fairly true to playing a real guitar, as true as a video game CAN be.
I think that partially as result of this game, guitars are making a come-back.
Most of the guys that I know that started off playing guitar hero are now learning to play guitar, and in almost every video game store in town just around the corner from the game guitar hero are guitars and lesson books.
Everybody's gotta start somewhere right? Why not with a video game?