Never underestimate the crimes of the CIA. We will likely never live to see the full extent of their atrocities.
OTOH, as far as I can tell, to call them ineffectual from ~1989 until ~2000s sometime would be excessively kind. So maybe they did also suck before that as well, but I think the end of the Cold War and political turnover after GHWB really gutted them, and it wasn't until they remade themselves as a black site operating, drone killing paramilitary group that they came back.
The cynical view is never fully accurate, sometimes it isn't accurate at all because organisations always include idealist/true believers/patriots. Organisations which don't include idealists tend to weed themselves out pretty quickly and collapse.
It would be interesting to see what a "we are really professional, but generally law abiding" intelligence service could do.
NSA doesn't do much field intelligence stuff; it's mainly radio/etc. intercepts on military bases, aircraft, ships, etc. Their regular site security is either military or contracted out to Wackenhut or other private security companies, after all (which is apparently what one of Snowden's early jobs was).
The real tough guys of the signals world are the Army's ISA, who do tactical sigint and killing, all in one. I'm sure ISA and NSA cooperate a lot.
http://en.wikipedia.org/wiki/Intelligence_Support_Activity
They're the guys who caught Pablo Escobar. Essentially the most secretive of the tier-1 JSOC units. IMO, the world's most awesome job for a bofh sysadmin -- you get to listen in to enemy communications, and use their improper security procedures to find them, and then punish them (by killing them).
You can fill in that blank with just about any superlative and it fits. My dream job would be to work for the secret army of northern virginia.
It's very common for public officials to get too much money, and not be able to spend it. So they find another agency which wants the money, and organise some kind of joint operation. It keeps their spending nice and robust (so the bean counters don't realise they don't need all that money), and the other side gets the resources they need. It's win-win (for everyone but the taxpayers).