The 401k has probably benefited employers and the administrators of employer sponsored plans more than the employees who've bet their retirement on them.
Employers have benefited because it got them out of having pension plans, and they can get out of making any contribution if times get tough.
Every "Qualified Plan" I've had has had higher expenses, fewer choices, and more restrictions than a Schwab or Scottrade account, and I've done better on my own when I could rollover an employer plan into my own account. Still, having been at it for 15 years, the result has been mediocre, because the market as a whole has been mediocre.
It's still better than nothing, and though I'm pretty liberal, I want no part of the government mandating my participation level or administering my money. I want my money back, because we've all been ripped off by big business and government.
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