I signed up for Global Entry (the "backdoor" for this program, presumably with similar paperwork) sometime in early summer last year before this domestic flight security thing was available. My interview was a joke. I don't think they verified anything I put down in my application. The CBP officer just briefly glanced at my drivers license and papers and spent more time asking me if I wrote Angry Birds ("what is your job?" "I write iPhone apps...") while looking me up and down (it was a hot day, maybe a bad day to wear a low-cut summer dress). I walked out of there in 5 minutes with my angry birds/cleavage supported approval.
I fly domestic dozens of times a year and I consider this program to be utter bullshit on the part of TSA. I'm not really providing any more information than they can already discover by information they require you to enter for purchasing a flight. I'm exchanging a false sense of security at a cost I find stupid (even though my Global Entry app fee was free). I really don't know why people can't rise up and try to get rid of TSA security theater instead of being all excited that this kind of program exists.
TSA/DHS are a joke, and if you think they're honest and/or necessary, I suggest you follow the money. I'd say start with the companies who make full body scanners (millimeter wave, which uses ionizing radiation and causes cancer (ref: http://en.m.wikipedia.org/wiki/Backscatter_X-ray ), but that's a whole other can of worms.)
Small correction: millimeter wavelengths are non-ionizing. X-rays are much smaller (0.01 to 10nm - Wikipedia).
There are lots of things wrong with the scanner...radiation is a very small part of it.
Each time you go buy a weapon you pay an extra 5 dollars (at least here in Illinois) to cover a background check (the results of which are instantly available). (You still have to wait 3 days in case other info hasn't yet entered the system, and then they check again, and give you your weapon).
Since my guess is most that most people who apply for this will not fall into the bracket where they do extensive background checks, they'll make plenty of profit off this.
Of course, it's also possible that the check will be a sham for all.