Again. As an airplane passenger on Christmas Eve and New Year's Day I can tell you that security was really "fun" and nothing happened. Wild-eyed arabs weren't running around. Men in fluorescent jackets stood outside the ticket gates entering the airports to check cars. God only knows how they would have known a real terrorist unless a Pakistani had a sign around his neck saying, "I vill sue if you stop me, you vill be interferring vith my American civil right of explosion!".
Something about crying wolf all the time comes to mind because even the Euros are griping that some of these warnings come from the CIA. And the CIA is about as realible as a Chucky Cheese party.