The code was created nearly 60 years ago as a way for the comics industry to self-police itself in light of pressure from those who felt funny books were a menace that led to juvenile delinquency. It's no doubt that the code has outlived its relevance. But, as I've mentioned before, I'm hopeful that comic book publishers will make an effort to clearly identify the intended audience for their titles. In can spare a lot of parental confusion and annoyance, and will help ensure titles that aren't kid-friendly don't fall into tiny hands.
Marvel has been pretty unsuccessful in developing and following its own clear ratings system. I hope DC does better. In the case of Archie, they've done a pretty good job over the years in staying true to the original intent of their characters. Ratings probably aren't necessary for them. As Archie President Mike Pellerito puts it:
"The code never affected us editorially the way I think it did other companies," he said. "You know, we aren't about to start stuffing bodies into refrigerators or anything. We have to answer to Archie fans."
Currently, everything Archie Comics publishes is "all ages." And Pellerito said that, if Archie comic ever skews to an older audience, the publisher will let the readers know.