It just gets spread out... instead of having a huge line that snakes through the ropes and a 'short' straight line for medallion and F, you now have 3 lines of the same long length. Basically the wait got reduced a little bit compared to the normal line and the clueless people that take 4 tries to go through the metal detector, and went waaaaay up compared to the previous short line.

Here is the info on it from TSA:
http://www.tsa.gov/press/releases/2008/0318.shtm