It’s conservative, but not at all outdated. In fact, if you’re applying for a job in a more traditional sphere, it may be just right. So, if you’re creating a resume in Word, and your first instinct is to choose Times New Roman, don’t fight it. It reads great, it’s familiar, and it looks professional. Make sure not to go below 10.5 pts, though, as it will affect readability.
If you’d like to create a more modern style resume, try space-efficient sans-serifs like Tahoma, Verdana, or Arial. Also, don’t forget about standard resume margins (one inch on all sides).