I seriously doubt that lessened screening measures means not putting luggage throught the x-ray or not presenting ID or even not having to submit to a truly random search.
What I hope it means is that by submitting to a background check (that I would gladly pay for) I could avoid being subjected to the "random but not random" checks done by the Thousands Standing Around.
All security is based on some level of trust. Any system can be breeched with enough planning and forethought. Terrorists could get jobs working for TSA or even the airlines. There will always be a way.
I think that if this program is done right, it will speed up the process of boarding and could help with initial screening as well.