Yes, luggage is still lost. Yes, waits haven't changed much (in may cases).
But we're spending about [link|http://www.tsa.gov/press/speeches/speech_1001.shtm|$4.7B] a year on aviation security now. That's TSA's budget request for FY07.
What are we getting for the increased money spent? Not much, it seems.
Cheers,
Scott.