I personally don't think the Toyota CPO program is a load of crap. Its just what Toyota calls their Used Car program. You have to realize that when a used car goes through a dealership there are different levels of "used." For example, our dealership is owned by AutoNation and their used car inspection is different than Toyota's CPO program.
AutoNation's 125 Point is pretty thorough, but doesn't mean we check/repair/change EVERYTHING on the vehicle. For example, if in our inspection we find that the car has two different brand of tires, we don't correct it as long as they are above 4/32."
Toyota's CPO 150 Point Inspection is more comprehensive and has strictier guidelines as what vehicles can be "CPO." If there are two brands of tires, the tires get replaced so all 4 tires match, brake pads must be above 50% (versus 3-4mm), small things like cabin air filters get replaced.
As the second poster pointed out, a used car or CPO program is as good as the dealer's integrity. At our dealership all the technicians do a good job on inspections and follow the inspection sheet to the letter. Toyota's CPO program is also overseen by Toyota and the technician, service manager, and detail have to sign off on the vehicle and are held responsible. If you have your CPO File (a copy of the inspection sheet should have been provided) take it to the dealer and point out to the dealership, if they refuse to correct or take responsibility for the issue report them to Toyota HQ, they will go after the dealer for not doing their jobs properly.
I can't speak for other dealerships or other automotive brands, but at our dealership we do a thorough job on our inspections and repairs.