The system can only be as good as the people in it. Fortunately, I firmly believe the QFIs (military & civil) are just as good as they ever have been---and I've seen many over the years. There are some shortcomings with the a/c but, as ever, economy rules and the studes will be taught behind a propellor for a long time yet.
So yes, the system is still fine; it will never be perfect but it's still pretty damned good.