The podcast
"High gravity brewing" with John Palmer discusses this at the 18 minute mark.
To paraphrase, John says that hop utilization does decrease with higher wort gravity, but not because of solubility as originally thought (the difference in solubility between 1.040 and 1.080 is negligible), but mostly because there are more solids in the wort that the iso-alpha acids stick to, keeping them out of the wort and so reducing bitterness.
The original tables of hop utilization were made on an empirical basis, and they are still valid. What has changed is the cause of the decrease in bitterness is now better understood.
There's also a podcast by John P. and Jamil Z. and discussion of the utilization issue
here.