studying an encryption scheme that is widely considered completely and irreparably broken?
All known issues with RC4 have to do with statistical biases in the first bytes of the key stream, in particular the first 256 bytes (this paper also mentions a significant bias at byte 258). As far as we know, all issues with RC4 are avoided in protocols that simply discard the first kilobyte of key stream before starting to apply the key stream on the plaintext. SSH does this (discarding the first 1.5 kiB IIRC). For WPA I can imagine that this workaround would have an unacceptable performance penalty on small data packets. For some reason, this approach was never implemented for TLS/HTTPS or WPA.
So why would one be interested in RC4? It's significantly faster than AES when run on processors that do not have hardware AES support. If I use scp and rsync-over-ssh to copy files to devices like a Raspberry Pi or my home server which runs on a low-power VIA processor, it's a big difference (aes versus arcfour), something like 4 MB/s versus 8 MB/s. Here are some benchmarks: openSSH cipher benchmarks.
I keep my eyes open for papers like this, in particular I check whether they make statements on weaknesses after the first kilobyte of key stream.