I just got GE, used it for the first time last month. It did save me time on entry, although my flight must have been the only one arriving at that time because the normal lines weren't that long. But I imagine if several flights were getting in at the same time, then it would save me quite a bit of time.

But the big thing for me is that it also gets you TSA-Pre. I don't live at a hub so when I re-enter the US I am generally on my way to a connecting flight, which means going through security again. My last trip was through Newark, and I was able to go through immigration and customs, take the train to Terminal A, and re-enter through the TSA-Pre line in 45 minutes total. That's never happened before! Now that I have GE I feel better about taking shorter connections when reentering the US.

Also, they do still give out cards, but the cards are generally useless -- even the CBP agent who interviewed me said so. It proves you're in the program, in case there is some snafu, but that's it. I has my interview only a few days before leaving, so I didn't have my card with me, and nobody cared.