Title insurance is a necessity as Robert so well pointed out. 
But in reference to the deed report items, it is not the title examiners/abstractors doing sloppy searches on those, it is the lender only requesting the deed copy.  They get lenders coverage to cover the loan and end of story.  They do those heloc loans with a deed copy and tax id number only because the borrowers have a+ credit and they feel that they will will in the end and get their money.
It is the purchases that have me worried.  What happened to the days where I would do a full 40 year search or to the subdivision developer, pull the easements and restrictions and plat notes and run the whole chain and give a complete report?  Now we do a good purchase money and take exception to 'other items found on record'.. That is what is not good!!

I am interested to see how much of an impact this certification makes with everyone, such as the e&o companies and the insurance underwriters and such.  We definitely have some more road to cover in that area with the test, but have a good product to begin with.