Well, I'm a non-programmer engineer (whatever that means; I gather it means not having much contact with computer sciences studies) and ...
Partically in continuation to JasonFruit's comment on S. Lott's answer:
Yes, the standard has added quite a few features from F90 to 2003. But the "problem", if one can call it such (I cannot think or care to of a more appropriate word) is that many people who use Fortran do not know it, save the basic features they need. It is a blessing and a curse all in one, in a way. They have never learned it, never read a book on it - they kinda just picked it up as they went along. That way can certainly work for a time (if you structure your programs simply, as many have done for centuries, and have a sort of mental discipline, this approach can last for a lifetime/your entire career), but after a while it starts to show its disadvanages. Try for example, following some of the discussions on the recent features on comp.lang.fortran to test your knowledge.
So, take a good book (many recommend one of the three for beginners; a) Chapman J. Stephen's b) Maine, or c) Metcalf, Reid and Cohen (known as the "M.R.C. book") - after which a lot of the "more obscure" features not only become clearer, but also "obvious" (as in a way; this really is the better way - why did I did it that way ... before?).
That takes care of that question. Now, the other question -- which will certanly arise -- is Fortran worth learning nowadays? (it always does, trust me on this :). This has been covered numerous times, so I'll just direct to my own post regarding the above, and my older post (you'll have to scroll a little down) which regards some issues in comparison with some of the other langugages mentioned here.
The last thing, which is in a way the cause of all these question in most cases is people opinion on Fortran, with the emphasis on opinion! Generally speaking (and we can take this forum as a pretty good sample for our analysis) is that it's not so good. Few like it [ follow questions marked fortran on this forum for a month, and you'll quickly learn who they are. Btw, judging from the frequency your name's been appearing, you're quickly becoming a member of the club :) ], most are either indifferent, and some hate it, out of sheer ignorance (comparing F66 with today's languages is often used), some out of their own reasons. Now, if we take those and compare it with the general population, by simple an account, the result is bound to come out bad. If you interviewed just traditional engineers the results would be quite different.
Thhhh-aaa-ttt's it.
Oh, one more thing - Fortran is/was and still remains primarily aimed at engineers, not mathematicians. It is better suited for solving large systems, then calculating pi to a ka-zi-llionth decimal. I don't know if that was a typo in your question, or intentional. For purely mathematical applications (in a classical sense of mathematician) I would (were I a part of that field) probably choose, I don't know, Mathematica? Or Pascal (don't know why it was always Pascal; but it seems terribly popular with those chaps).