My experience last weekend:
Checkin at Terminal 1 (First Class), no waiting time. On request by myself it was confirmed the flight was overbooked (they wouldn't have told otherwise - kinda understandable for a SEN pax) and that VDB will be needed to be requested at the gate. Apparently with the new system, they can't flag anyone as VDB anymore I was told (I knew in the old one, they could do that)
Well-guarded queue at security, no waiting time again. Just security insisting about removing non-beeping belt (used to be more relaxed) - well if they enjoy seeing plenty of male undies
Quick passport control (no questions about where to do with Swiss ID) and into the Heidi train in less than 5min after entering security/airside.
Quick Heidi train ride, do NOT take the escalator up. Take the elevator which is behind it. It takes you up straight, instead of getting you into the wrong direction for about 100m compared with taking the escalator. Just 50m from it is the LX lounge when you exit it (one level up). Not more than 12min all the way from checkin to lounge, smoothest experience (minus the belt) so far.
Lounge offering was really good on Saturday, best since the opening month. Breakfast is till 10.30am, then they'll stock for lunch, which starts at 11am officially.
From E to D (Non-Schengen to Non-Schengen) I took the "clean" way via A, ie entering Schengen and exiting again.
No queue when entering Schengen, about 5min queue when entering D Non-Schengen (and that was about the longest I've experienced there)
Total time needed, including the queue, was 15min from lounge to (furthest) D Gate. Still very reasonable.
Offered VDB, which they noted at the gate. Unfortunately one pax didn't showed up (they see if you scanned your BP at the security entrance, ie they can predict pretty well for pax originating in ZRH if they make it or not) so I was allowed to board as the last pax. Got a private "limo" ride to the plane as compensation for giving up 4D for 17E
(worse things happen on a intra-European flight, and those Fokker100s are giving you ample legroom anyway)
I think the main reason for more "no shows" at the gate compared to earlier years is that the new system basically "force-checks" anyone in 20hrs before departure as long as you booked via the LX website. There is no option do opt-out of it. You can manually check-out, but if you didn't care about cancelling your ticket earlier, why would you then?
So, if you booked your "Light" ticket couple months before, then your schedule changes and you can't fly (and decide it's not worth running after a few $ back for taxes), they'll still automatically check you in AND expect you at the gate.
I think this is actually not really a well designed system, as compared with a "classic" system where you'll need to checkin yourself in the last 24hrs somehow, ie when you checkin, there is a reasonable chance that everyone will actually want to fly.