FFF is about right - that is how I see it. Airline pilots let their light aircraft IR lapse when then get their multi crew one - its really just a hoop for them..
The NDBs in the states are all being phased out and GPS approaches being introduced - the syllabus is rather old fashioned in Europe it will change in time but only slowly. There are some plans to make the light aircraft IR 'more accessible' as the authorities were shocked to discover that only a handful do it in Europe and most of those are ATPL people. Many EU business men simply buy N class aircraft and bipass JAR in favour of FAR - they havent the time or money to waste on a rating that is seen as too time consuming and difficult for their needs.
In the EU the IR was used historically as a test of metal for frozen Airline Pilot candidates although it isnt required for the Multi Pilot Licence which takes you direct to the right hand seat of an airliner without the light aircraft IR being required at all so figure that out!
The other main problem is the SEVEN IR exams which are OTT and expire after 36 months
In the USA its a single onlne test done at a time of the candidates choosing