One complaint is that I wish they'd enforce the experience time like ISC2 does with their application process. Just taking the test should not be enough. You should be able to prove that you've been working in security for a set amount of time. That would make this cert a lot more valuable, while weeding out the riff-raff that are good at memorizing answers (ie: Security+ exam questions all over the internets...).
The application and verifying work history process won't weed out the riff-raff.. But a good practical exam would! The hands-on approach is always best. I have to agree (with probably most here) that multiple choice questions alone (if at all) will not tell you if someone is a good "Security Practitioner" or not..